The club now has until 26 January to find a solution to its financial troubles, the club has debts of over £80m, but this deadline could be extended for a further two weeks to 6 February if the club achieves certain financial and other covenants.
The club is still pushing to have the standstill period extended until the end of the season so that potential bidders know whether the club will retain its Premier League status. But creditors are only likely to agree to this if the club raises around £3-5m in working capital.
Several consortia, including one led by Royal Mail chairman Allan Leighton, are believed to be in talks with the board regarding a possible cash investment. If this fails the club would undoubtedly have to sell at least one of the team’s star players, such as Alan Smith, Mark Viduka or Paul Robinson.
Leeds United are currently bottom of the Premier League.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies