BBC SPORT | Football | My Club | Leeds United | Leeds hope for stay of execution
Leeds United could still be saved from administration by a consortium put together by former deputy chairman Allan Leighton.
The Elland Road club has until 19 January to find a buyer as they wrestle with a crippling debt of around £100m.
But Dr Bill Gerrard, professor of sport management and finance at Leeds University Business School, believes Leighton offers the best hope of survival.
Leighton stepped down as deputy chairman in December and has since been working on putting together a deal to save Leeds.
Dr Gerrard played down a potential takeover bid from Sheikh Abdulrahman bin Mubarak Al-Khalifa, and believes former chairman Professor John McKenzie never had any hope of putting together his proposed Far East consortium.
He told BBC Sport: "I think there has been one consortium being put together that had enough credibility to get Leeds a 'standstill agreement' until 19 January, and that is Allan Leighton's consortium.
"I have said since September 2002 that the one person with the experience and the ability to sort this out is Allan Leighton."
And Dr Gerrard believes Leeds' financial position is so parlous, and the threat of relegation from the Premiership so real, that creditors may now accept payment of £25m rather than the £100m debt.
He said: "I think administration is now seen by both investors and creditors as a worst-case scenario. If it was any other business I would say put it into administration immediately, but not here.
"Here, the court-appointed administrator's first duty would be to keep the business afloat and ensure there is enough cash in the interim, which would mean the sale of players.
"You are then putting the future into the hands of 19 Premiership chairman, who would rightly show no inclination towards the future prosperity of Leeds United."
Leeds could face the threat of a damaging points deduction if they go into adminstation, which could seal their fate as they already face a battle to avoid relegation.
Dr Gerrard added: "The Sheikh is a genuine Leeds fan, but there is nothing on the table and no evidence to suggest he has been able to broker a deal.
"But he is a genuine fan, and if he could put something together and maybe work with Allan Leighton, even better.
"Professor McKenzie's Far Eastern consortium was, in my opinion, only a cover story for his exit from the club.
"But I also do not think Trevor Birch would have taken the position of chief executive unless there was a clear indication that Allan Leighton had a reasonable chance of putting together a rescue package.
"I'm expecting an announcement in the next few days that negotiations with a particular consortium have progressed to such an extent that the creditors are prepared to extend the standstill agreement beyond 19 January, to allow negotiations to reach a conclusion.
"This would be a stay of execution based on the Allan Leighton package, with hard negotiations then continuing as to what the creditors could expect for their debt."
Leeds United could still be saved from administration by a consortium put together by former deputy chairman Allan Leighton.
The Elland Road club has until 19 January to find a buyer as they wrestle with a crippling debt of around £100m.
But Dr Bill Gerrard, professor of sport management and finance at Leeds University Business School, believes Leighton offers the best hope of survival.
Leighton stepped down as deputy chairman in December and has since been working on putting together a deal to save Leeds.
Dr Gerrard played down a potential takeover bid from Sheikh Abdulrahman bin Mubarak Al-Khalifa, and believes former chairman Professor John McKenzie never had any hope of putting together his proposed Far East consortium.
He told BBC Sport: "I think there has been one consortium being put together that had enough credibility to get Leeds a 'standstill agreement' until 19 January, and that is Allan Leighton's consortium.
"I have said since September 2002 that the one person with the experience and the ability to sort this out is Allan Leighton."
And Dr Gerrard believes Leeds' financial position is so parlous, and the threat of relegation from the Premiership so real, that creditors may now accept payment of £25m rather than the £100m debt.
He said: "I think administration is now seen by both investors and creditors as a worst-case scenario. If it was any other business I would say put it into administration immediately, but not here.
"Here, the court-appointed administrator's first duty would be to keep the business afloat and ensure there is enough cash in the interim, which would mean the sale of players.
"You are then putting the future into the hands of 19 Premiership chairman, who would rightly show no inclination towards the future prosperity of Leeds United."
Leeds could face the threat of a damaging points deduction if they go into adminstation, which could seal their fate as they already face a battle to avoid relegation.
Dr Gerrard added: "The Sheikh is a genuine Leeds fan, but there is nothing on the table and no evidence to suggest he has been able to broker a deal.
"But he is a genuine fan, and if he could put something together and maybe work with Allan Leighton, even better.
"Professor McKenzie's Far Eastern consortium was, in my opinion, only a cover story for his exit from the club.
"But I also do not think Trevor Birch would have taken the position of chief executive unless there was a clear indication that Allan Leighton had a reasonable chance of putting together a rescue package.
"I'm expecting an announcement in the next few days that negotiations with a particular consortium have progressed to such an extent that the creditors are prepared to extend the standstill agreement beyond 19 January, to allow negotiations to reach a conclusion.
"This would be a stay of execution based on the Allan Leighton package, with hard negotiations then continuing as to what the creditors could expect for their debt."
