According to reports late last night, it had been expected that an American consortium, represented by Luca Silvestrone, would buy the Sardinian club with Cellino receiving a €10m deposit.
However, as the day as progressed, the news broke that the sale to the American consortium had broken down and the takeover, estimated at £65million, was dead.
'There is no American investment group interested in acquiring Cagliari,' said Cellino.
'I have not seen or heard from anyone since last Wednesday's meeting with Silvestrone and Dan Meis in Miami. No down payment of €10million has been received. From What I can gather they only be found through 'missing'.
'I only decided to meet with Silvestrone because I was asked by a number of fans to do so. I always had the impression that Silvestrone was just representing himself and not a group.'
Nevertheless as they day went on, the Italian Leeds United owner confessed: 'I've reached an agreement with Giulini for the sale of Cagliari.'
He went on to add: 'The Americans were stalling and wanted another 90 days' worth of time.
'I've accepted to sell to Giulini and the operation should be finished very soon.
'I wish them every success. Now my heart is in Leeds.'
The news will come as a huge relief to Leeds United fans who, up until now, had no choice but to see Cellino split his time up between his two sides. The deal, according to the Gazzetta, is thought to be around €45million and could go a long way to funding Leeds' promotion push next season.
He can now look forward to a future in Yorkshire, and hopefully taking Leeds United back to the Premier League.