Leeds had a deadline of 5pm today to gain the backing needed, but have instead secured another seven days in which to do so.
A statement to the Stock Exchange read: "The board of Leeds United plc announces that it has met the financial and other covenants and as a result the standstill period now extends to 6 February 2004."
Leeds' players yesterday agreed to a wage deferral of up to 25%, believed to be worth around £2.5m, and they were also sent a £1.5m payment by Manchester United due as part of the sale of Rio Ferdinand.