Bottom of the Premiership and £83m in debt, Leeds is in advanced negotiations with a Yorkshire-based consortium willing to buy the club.
The consortium’s offer was rejected but apparently a second, larger offer is now on the table.
One figure mentioned was £20m.
In a statement to the Stock Exchange, Leeds also said creditors had agreed to extend the ‘standstill agreement’ so that the takeover can be completed.
Consortium representative Gerald Krasner said: ‘I can confirm that negotiations are at a more advanced stage.’
Last month, Leeds managed to raise £5m to avoid administration, largely through a 25% wage deferral by the players.
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