Cellino was recently disqualified from the football league from being involved in football activities.
The Italian was found guilty over breaches of Italian tax legislation prior to his ownership of the Championship club, relating to non-payment of import duties.
A statement on the Leeds United website from Cellino read: It is with great sadness and frustration that I have to take this step, however I abide by the Football League's decision to temporarily disqualify me from this great football club and will return in April in good health and good spirits.
"I have done my best for a club and fans that I hold close to my heart and it is now financially much stronger than it has been for a long time. It will continue to thrive and I am sincerely looking forward to returning very soon."
Earlier on in the week, Leeds said they were still seeking legal advice over the Football League's decision. The League's governing body had said that Cellino had been guilty of an offence that breached a 'dishonest act'.
They also announced that Leeds and Cellino could expect a further misconduct charge for failure to disclose the Italian court's ruling when it first became available.
Cellino had been banned as acting as a 'relevant' person at the club until 10 April 2015.
The PCC said in it's judgement on Monday: “We consider that the judge’s findings of fact and her description of Mr. Cellino’s state of mind based on them, is of conduct which would reasonably be considered to be dishonest. We therefore conclude that Mr.Cellino has been convicted of an offence involving a ‘Dishonest Act’ within the meaning of the rules, and that he is accordingly subject to a ‘Disqualifying Condition’."
Given the Football League said in its statement that it would offer assistance during the period Cellino was disqualified, the latest chapter of Cellino's ownership leaves a few more questions. Who is calling the shots at Leeds now? Will their still be assistance? It'll be interesting to see what happens at Elland Road in the coming weeks.