54-year-old Gerald Krasner, who deals in corporate recovery, restructuring and insolvency for Bartfields Chartered Accountants in Leeds, revealed talks are at an advanced stage.
Due to reasons of confidentiality, he refused to name the other members of the group, although rumours are rife as to who is fronting the £20m bid.
Former Bradford chairman Geoffrey Richmond is being strongly linked, however, he has categorically stated he is not involved.Two of the main players are understood to be property developer Simon Morris and entrepreneur Melvyn Levy, while Terry Fisher, a staunch Leeds supporter, who last year failed to take control of Huddersfield when they were in administration, has also been mentioned.
There is also Stuart Levin, the well-known fund-raiser of the Make A Dream children's charity.
Krasner, a Leeds fan for almost 30 years, told PA Sport: 'I can confirm there's a consortium that I have been asked to represent, but we've signed all sorts of confidentiality agreements.
'However, I can state we are in serious negotiations with both the club and the bondholders which will be ongoing throughout the day.
'Our objective is to avoid administration at all costs. I don't think the public realise just what administration would mean for Leeds United.'
Despite Krasner's line of work, he confirmed the group 'would not be looking to do anything on the insolvency front with Leeds'.
It is understood the bondholders - MetLife and Teachers in the United States and British firm M&G, along with the player-leasing agents Registered European Football Finance Ltd - are key to the deal.
Much appears to depend on whether they accept the offer on the table.