Leeds were offered independent arbitration by the Football League on Tuesday after serving a writ on the organisation, with the offer being seen as an attempt by the League to avert High Court proceedings.
Ken Bates initially suggested that he would turn down an arbitrational review if the League insisted on complete privacy but the club agreed to the offer earlier today.
Bates said: "We have agreed under duress to arbitration in private. But what have they got to hide? We believe this should be conducted in the open because people have a right to know. This is supposed to be about transparency. We won't be dragging our heels. The League have delayed things for over six months, and we want the matter resolved as quickly as possible."
The tribunal is expected to be heard by a three-man panel, consisting of one legal representative selected by each of Leeds and the Football League with a Court of Appeal judge to chair the hearing.