The exact same sum from deputy plc chairman Allan Leighton was still available, but not enough to bail out Leeds after recently announcing a British club record loss of £49.5m and debts of £78m.
It meant that avoiding administration hinged on discussions which had been ongoing since August, talks initially brokered by Professor John McKenzie, and then followed up by chief executive Trevor Birch in the wake of his appointment last month.
In a statement by Leeds tonight, the club said: "Leeds United plc announce that it today has signed a formal standstill agreement with its principal finance creditors for the period until January 19 2004 to provide the group with sufficient working capital until that date to allow it time to seek to identify parties who would be prepared to make a substantial investment in, or offer for, the business as part of an overall financial and balance sheet restructuring.
"The standstill is the culmination of negotiations between Leeds United and, among others, the providers of £60m of senior secured notes (the noteholders) and Gerling General Insurance Co, the credit insurer of Registered European Football Finance Ltd who is the provider of Leeds United's football player finance lease arrangements.
"In summary, the key points of the Standstill are as follows: "The noteholders have agreed to allow £4.1m of accumulated cash, which is currently held for them as part of their security to be used to fund certain working capital requirements of the group.
"REFF and Gerling have agreed to defer approximately £1.7m of capital and certain interest repayments due in the period to January 19, 2004.
"HSBC, the group's banker, has agreed to provide a new term loan facility.
"The board will seek to identify parties who would be prepared to make a substantial investment in, or offer for, the business, working in conjunction with the group's restructuring advisors.
"However, the directors believe that these discussions, if they lead to an offer, may not realise value for the equity at the current share price.
"In addition, there can be no guarantee that this process will be concluded satisfactorily and, if unsuccessful the directors may be forced to seek the protection of an administration order."