(REUTERS) - The owners of English Championship football team Leeds United are set to sell a majority stake in the club to the family that run Serie A side Cagliari.

GFH Capital said in a statement on Saturday that it had agreed to sell a 75 per cent stake to Eleonora Sport, which is owned by the Cellino family.

The Cellinos bought Cagliari in 1992 and plan to invest "substantially" in Leeds once the deal is approved by the Football League.

Leeds, three-time English champions in 1969, 1974 and 1992, have failed to regain their top-flight status following relegation from the Premier League in 2004.

The club were European Cup runners-up in 1975 and played in a Champions League semi-final as recently as 2001.

"They (the Cellino family) come to English football with an ambition to support Leeds United financially to take it to the Premier League," the statement read.

Leeds also announced the deal meant they would be discussing managerial issues with the potential new owners following the sacking of Brian McDermott on Friday.

Some media reports have suggested McDermott could be reinstated as manager.