The club had been given a deadline of January 19 – next Monday – to find a new buyer or substantial new investment, or face the threat of calling in the administrators.
But according to reports in the UK media today, the club may now be told it can have until the end of the month to see what monies it can raise during the January transfer window.
Some reports, however, suggest a deal with Bahrain businessman Sheikh Abdulrahman bin Mubarak Al-Khalifa could be close to conclusion. He has long been linked with the long, and is understood to be leading a group of interested businesses in the region, keen to invest in the club.
The club is in desperate need of a cash injection after racking up £80m in debts and facing a race to raise around £7m to keep the club afloat until the end of the season.
However, the selling of some of its brightest players could cost dear in the long run; the club is currently in the Premiership relegation zone and will face further financial headaches should it slip into the Football League.
Leeds’ downfall is a classic example of over ambition costing dear. After gambling heavily in the transfer market and with huge wages, the club failed to reach the lucrative Champions League and as a result found itself facing a financial crisis.
