Leeds United chairman Andrea Radrizzani reportedly offered to use Elland Road as collateral to secure a £26million bank loan to complete his company's purchase of Italian club Sampdoria.
Under an agreement in principle co-signed by Radrizzani, the stadium would have served as security so his Aser company and bidding partner Gestio Capital could borrow £25.8m from Italian bank Banca Sistema.
The Athletic reported that the proposed bridging loan would need to be paid within two years and was subject to interest of provisionally between six and nine per cent per year.
However, the loan could be extended to up to 10 years, raising the possibility of Elland Road being collateral for Radrizzani's venture at Sampdoria for a decade.
The report said it remained unclear whether the proposed loan has advanced beyond the heads of terms agreement.
In an email to The Athletic, Radrizzani said: 'What Aser ventures does with its assets which includes several companies including Leeds United, Greenfield and Elland Road… it's none of your business.
'You can do what you want but you are just trying to put Leeds United fans against myself. It is not nice.'
Radrizzani missed Leeds' 4-1 home defeat to Tottenham Hotspur on Sunday, which confirmed their relegation from the Premier League into the Championship.
He was seeking to finalise an agreement for the buy-out of Sampdoria, who themselves dropped out of the Italian top-flight into Serie B and were at risk of bankruptcy if the buy-out hadn't been completed.
It comes amid a backdrop of discussions between 49er Enterprises, who hold a minority stake in the Yorkshire club, and majority shareholder Radrizzani to acquire control.
Radrizzani bought Leeds for £45million in 2017 and holds a 56 per cent stake.
The financial arm of NFL franchise San Francisco 49ers increased their stake to 44 per cent at the end of 2021 with a deal in place to buy out Radrizzani and take full control before January 2024.
However, the deal was contingent on Leeds remaining a Premier League club and it remains to be seen how relegation will affect the deal.
Greenfield Investment Pte Ltd, another Radrizzani company, completed the purchase of Elland Road in 2017 and it has since passed to Elland Road Limited.
The Athletic said 49er Enterprises weren't informed of the proposal to use Elland Road as collateral against the Sampdoria loan.
It is likely to strain relations between 49ers and Radrizzani as they haggle over a final agreement for a takeover with Leeds no longer a top-flight club.
Radrizzani's company Aser Group, and finance company Gestio Capital announced they had concluded a deal to save financially-stricken Sampdoria late on Tuesday night.
Radrizzani said: 'We are nothing short of thrilled to be able to announce that we have completed the acquisition of this extraordinary club.
'The history and coat of arms of Sampdoria are safe and I think my happiness is (for) of all the people who were suffering for these colours.
'My thanks at this time go above all to all those people who worked relentlessly to ensure that this agreement found a just conclusion.
'In particular I have to extend a huge thank you to Matteo (Manfredi, Gestio Capital principal) and to the lawyer De Gennaro. Without them none of this would have been possible. From today we move on.... and I personally can't wait to get to work.'