The Miracle of Leeds may be unravelling with dire consequences for Ibrox.

So today, the Ibrox takeover project took a bit of a hit. How big a hit remains to be seen, but Leeds’ failure to win — and Burnley’s victory — has dropped them to third in the Championship. They are no longer in the automatic promotion places. That means, as it stands, they’re facing a play-off fight, and the possibility now arises that the English Premier League could block any attempt by the current Leeds owners to exert influence at Ibrox. And that’s not the only blow.

Almost everything the media has written about how brilliant this takeover will be is predicated on the so-called “miracle of Leeds.” But let’s get real — what’s happened at Leeds hasn’t been any kind of miracle. They’ve spent a very modest sum in pursuit of the Premier League. That does not suggest that anyone in this consortium intends to throw money at the wall to see what sticks. These people have a plan. It’s being ruthlessly pursued and rigorously executed.

They have not risked the investment by spending excessively on the English club. They’ve played it safe. A low-key risk. Because the Championship is one of the toughest leagues in Europe to crack, and they know that if you overspend in that division and don’t get promoted, your problems just multiply. They posted their accounts this week — and they were atrocious. The miracle of Leeds doesn’t exist.

So what if Leeds are stuck in the Championship next season? If you’re trying to return to the Premier League, that’s where your time, your money, and your energy are going to go. It certainly won’t be spent trying to wrest the Scottish Premiership from Celtic — and possibly breaching UEFA regulations while doing it. If you spend more than you can afford, you’re in serious trouble. These people won’t split their focus. They know what the blue-chip investment is. They know what the blue-chip asset is. And it’s not the one in Govan.

So today’s result and Leeds’ league position not only reveal the so-called “miracle” for what it really is — a mirage — but it might just kill the takeover stone dead. Or, at the very least, leave the Leeds board having to split their attention between two competing projects. And we all know which of those is going to come first.

This hasn’t been a good day for the so-called Ibrox takeover. There’s no way to dress that up. It’s been a disaster. Sure, the English Championship still has some way to go, and Leeds might still make automatic promotion. But it no longer looks anything like the certainty it did when The Daily Record breathlessly broke their so-called scoop — back when Leeds were sitting comfortably at the top of the table and looked a sure thing to come straight back up.

But Jackson and Co. were so sure of themselves. Leeds were going up — that was the model they sold to the Ibrox support. “Look at the miracle they worked at Leeds,” they said. That’s how they phrased it. That’s how they tried to sell it. But we now know that the “miracle” was built on shaky foundations. They didn’t go all-in. They didn’t push the boat out. They may not make it. And if they don’t, the knock-on effects are going to be massive.

Who even knows what’s been going on with this so-called takeover, anyway? Are the Leeds people really heavily involved? Or is this just Andrew Kamenka trying to offload his shares to Dave King, hoping his associates can strike side-deals with other Ibrox shareholders to build a controlling stake? I always thought getting to 51% would be difficult. You’d need virtually every major Ibrox shareholder to sell up to make that work. And even then, any future investment would have to pay off the old debts before there’s any talk of progress. That’s always felt like a long shot.

And let’s be honest — some of these investors are nervous. They’re uneasy about being involved in the Ibrox operation in any capacity, especially when they look at the club’s support and see a powder keg they want no part of. That’s why the club is currently scrambling to get its support base “under control.”

Remember too — nothing is signed and sealed. We keep hearing about the lawyers “going over the details.” How long does that take? I think the due diligence is still ongoing. And if the deal hasn’t been signed yet, there’s a good chance it won’t be.

Meanwhile, the Ibrox season tickets are already on sale. Fans are already online debating whether they’re worth the money. Most of them seem to think the takeover will go through, and that makes it worth the gamble. But, as ever, they’re being asked to part with their cash without knowing what they’re buying. And if the whole thing collapses, they’re stuck following the same team — with even less money, even less scope to manoeuvre than this year. And this year has been a disaster.

In those circumstances, Ferguson will almost certainly be given the manager’s job — and he’ll be forced to operate with limited resources. But that’s the Ibrox way, isn’t it? Expect everything. Think nothing through.