The supporters group Leeds Fans United have announced that they have reached an “agreement in principle” with the Leeds chairman, Massimo Cellino, to sell his shares in the club.

A statement on Friday night from the group, which was set up in April in an attempt to buy a minority stake in the club, confirmed that the Italian is willing to walk away if he receives a satisfactory offer.

“Leeds Fans Utd has today reached agreement in principle with Massimo Cellino to purchase a majority stake in Leeds United Football Club,” read the statement.

Leeds Fans Utd has today reached agreement in principle with Massimo Cellino to purchase a majority stake in Leeds United Football Club. — Leeds Fans Utd (@LeedsFansUtd) October 30, 2015

Cellino, who is currently appealing against a ban for breaching the Football League’s owners and directors rules following a conviction for tax evasion this year, met the group on Friday and later confirmed on BBC Radio Leeds that he has agreed the deal in principle.

“100% I will sell to the fans, if they want to buy it and look after the club. The fans are the only asset the club has,” he said.

“I’m sad and embarrassed. My dream was to do my best but I’ve achieved nothing and family aren’t even with me.

“I’m trying to protect the club but at the same time it means I have exposed myself. The result is that the fans say ‘Massimo it’s time to go’.”

Cellino, who has had six managers in less than two years at Leeds, had earlier said he would like to stay for 10 years but claimed he is “losing his balls” and losing sleep trying to run the “nightmare” club.

“It’s bad firing a coach,” he said in an interview with The Times on Friday. “It’s very bad, the worst thing. You think I get peace from that? My dream is to have coach for 10 years. It could happen at Leeds.”