Image source, Getty Images

Crazy goings on at Elland Road then.

It was reported earlier this afternoon that Massimo Cellino, the owner of Italian club Cagliari, was close to an agreement to buy a stake in Leeds, believed to be about 75%.

Before that, managing director David Haigh had announced on Thursday that his consortium's bid for the club had collapsed because of a lack of funds.

The Elland Road club is currently - as far as we know - owned by Dubai-based investment group GFH Capital.

Cellino had been reported to be keen to replace manager Brian McDermott with former Middlesbrough defender Gianluca Festa.

And speaking to Radio Leeds on Friday, McDermott admitted he was not sure if he would be in charge of the club beyond their Championship derby against Huddersfield Town.

"I've got no idea if I'll be here after Saturday's match. In football any game could be your last match so you have to make the most of it, especially at a club like Leeds United," he said.

As it turns out McDermott didn't even make it to Saturday's game. Festa the answer?

Owen Coyle
5 live Sport

"Everybody knows Brian McDermott's qualities. He's a fantastic manager and a friend of mine, a great man. It's sad that Leeds United conduct their business like that."

Listen to transfer deadline day latest on BBC Radio 5 live right now.

BBC Sport's Ben Smith
5 live Sport

"Brian McDermott is no longer the manager of Leeds United. It's incredible for a manager to lose his job on Deadline Day, something which we've never really heard of before. Had the situation become untenable for him there?"

Listen to transfer deadline day latest on BBC Radio 5 live right now.

Jonny Mahoney:, external Sacking the manager the day before a big Yorkshire derby? More sound logic from Leeds.

Blimey - whoever gets the Leeds job won't have long to get any signings done will he? What an odd time to make that call.

Chris Leggett:, external The Tom Ince saga is slowly becoming this years Peter Odemwinge moment! Carrow Road next or even Stamford Bridge?

Simon Awdry:, external I'm sure Kim Kallstrom loan is a good bit of business, but I was hoping for something a bit more sexy!

Greg Andrews:, external I support the complete and utter joke of a football club that is Leeds United. Words fail me.

BBC Radio Leeds report that Leeds have sacked manager Brian McDermott.

BBC Sport's David Ornstein
5 live Sport

"There was a groundswell of will to go for Draxler in this window in order to snuff out interest from other parties in the summer, but it was a collective decision from Arsenal not to pursue him this month."

Listen to transfer deadline day latest on BBC Radio 5 live right now.

Brian Murray:, external What's happening at Wolves? 5 big players gone in the window. Johnson, Hennessy, Griffiths, Doyle, Sigurdarson. Trouble

Swansea City

Image source, PA

Marvin Emnes had a loan spell with Swansea in 2010, scoring twice in four games in the Championship, and he could be on his way back to the Liberty Stadium.

Who else is on the way back? Lee Trundle? Adebayo Akinfenwa? Bob Latchford?

The exodus of strikers from Wolves continues as reigning SPL player of the year Leigh Griffiths joins Celtic on a four-year deal.

Griffiths scored 31 goals on loan at Hibs from Wolves and is heading back north of the border.

Image source, Celtic FC

Arsenal manager Arsene Wenger said: "Kim Kallstrom is a hugely-experienced player. He is a midfielder with proven quality at both club and international level. We welcome Kim to Arsenal."

Kallstrom said: "Arsenal is an amazing club with a lot of great players and a coach who has done really well here for a long time. I am so pleased to come here to learn as much as possible. I'm here to do my best for Arsenal and to help out the team, so we can achieve good results for the last part of the season."

At last! A major deal is completed as Arsenal confirm the signing of Sweden midfielder Kim Kallstrom on loan from Spartak Moscow until the end of the season.

Image source, Arsenal.com

Simon in Rochester: We should go for Tom Ince at Everton!!!

Tom: The Tom Ince story is boring some of us to tears. He's hardly pulling up trees with Blackpool in the Championship, and I support a team in that league.

Owen Coyle
5 live Sport

"There are so many complexities involved in each and every transfer. The Cattermole move is fraught with danger - he's now returning to Sunderland, a club that pretty much told him today he was surplus to requirements. He will now return to that dressing room and the manager Gus Poyet will have to deal with that."

Listen to transfer deadline day latest on BBC Radio 5 live right now.

Swansea City

Swansea boss Michael Laudrup, who has already signed David N'Gog from Bolton this week, is clearly a fan of Championship strikers because BBC World Service's Steve Crossman reports that the Welsh side have asked to loan Middlesbrough forward Marvin Emnes until the end of the season.

Emnes was previously on loan at the Liberty Stadium in 2010.

Rich: Alan Pardew's phone mysteriously runs out of battery on deadline day again? Somebody buy the guy a charger!

Mark in Winchester: As a Saints fan, I'm happy to see back of Osvaldo. Our academy players are twice as good. Who needs primadonnas?

Matt from Hythe: Come on Roberto, please bring in some cover for Everton - we need to cover the loss of Bryan Oviedo.

Hmmm, it looks like the next club Tom Ince visits on his tour around the country could be Blackburn Rovers... when he plays for Blackpool at Ewood Park on Saturday.

Juliette Ferrington
BBC Sport

"Just on Tom Ince, it's incredible. Two clubs were given permission to speak to him about a loan move, which was Swansea and Crystal Palace. Stoke wanted a permanent move, but the player wants a loan move and to keep his options open.

"But Blackpool won't be bullied and I believe they're now in favour of a permanent transfer, bearing in mind Ince's contract is up at the end of the season. Half an hour ago, there was no progress whatsoever, It could be Tom Ince ends up back at Bloomfield Road tonight."

Listen to transfer deadline day latest on BBC Radio 5 live right now.

BBC Sport's David Ornstein
5 live Sport

"It's now just a matter of Arsenal announcing that Kallstrom is joining them for the remainder of the season. He's very experienced and it's just being processed now. But they're not sure whether he will be able to face Crystal Palace at the weekend. Will there be any more movement at Emirates? Unlikely."

Listen to transfer deadline day latest on BBC Radio 5 live right now.