Leeds United creditors have been offered an improved deal by Ken Bates' consortium, as the deadline for the approval of the CVA approaches.

The offer to creditors has been raised to eight pence in the pound, up to 38p if the club is promoted to the Premier League over the next ten years.

The period by which creditors could appeal the CVA proposal ends at 4pm tomorrow.

Reports have suggested that major creditors such as HM Revenue & Customs were considering opposition to the earlier deal, which offered them a penny in the pound, but no opposition has been lodged so far.

Leeds United joint administrator Richard Fleming, a KPMG partner, said: 'I am delighted that the process we have undertaken has resulted in a potential return to creditors of up to 38p in the pound, in addition to saving 500 jobs and a major football club.'

Further reading:

Taxman plots Leeds United challenge