The money was not transferred by 1300 GMT today (Friday) and the club has now ceased negotiations with Sainsbury and Nova Financial Partners.
A second consortium led by Norman Stubbs is ready to invest £10million - although their involvement is understood to be dependent on the sale of Elland Road.
It is thought the sale would be on a sale-and-leaseback deal.
Leeds also need to repay a reported £3million on a loan made by Aston Villa director Jack Petchey by close of business on Friday if they are to avoid a £2million penalty.
