The ailing Yorkshire club has extended its ‘standstill agreement’ with creditors for one more week.
Bottom of the Premiership, Leeds needed to raise £5m by January 30 to avoid going into administration.
However, the chief executive of the club, Trevor Birch, has now been given time to hold more talks into a possible £20m takeover bid.
Earlier this week Leeds’ players decided defer wage payments, a move worth millions.
The club have also sold England defender Danny Mills to Middlesbrough for £1.5m and excepted a final £1.5million for last year?s sale of Rio Ferdinand.
Ex-managers David O’Leary, Terry Venables and Peter Reid have all agreed to defer severance payments totalling £1million.
The Royal Mail’s Allan Leighton has been linked with a takeover bid.
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
Smith & Williamson has been appointed administrators of charity 4Children