According to The Independent, The Whites look to have avoided the prospect of administration after it was reported last night that Al-Khalifa was putting the final touches to his offer after frantic efforts to find the money needed to buy shares, pay creditors and bills and put up around £15m for new players.
In an astonishing act of faith in Leeds' future, it is believed the Bahraini has persuaded friends and business partners to back his rescue package in just over a month.
The offer will be put to Leeds United's board today and, with the deadline, they are under huge pressure to accept and allow the sheikh and his team to take over. The move comes as Leeds try to find ways to pay bills by Monday.
A close aide said: "The sheikh is happy with the way this package is put together. He has had to change direction in many ways, but his driving force was in saving the club.
"However, he did not want those who put Leeds United into this mess to profit. The money he has raised has to pay some debts but, above all, he wants a kitty for players."