He predicts that the club itself will survive if it stays in the Premiership, but relegation could be another matter altogether.
He said in the Yorkshire Post: "It is a very, very bleak outlook. I don't believe Leeds Utd plc has a future as a going concern. Leeds Utd the football club will survive, the question is in what form and owned by whom."
Dr Gerrard now believes it likely that former Asda and Post Office boss Allan Leighton may take over at the club.