In a report in the Sunday Mirror, it states that with debts around £120m, The Whites have delayed an inevitable administrative order by a further two weeks from tomorrow as they look for potential investors or consider the sale of
players during the last fortnight of the transfer window.
But Leeds' future could be decided when Premiership clubs meet on January 29th to discuss the introduction of sanctions to be taken against clubs who use administration to wipe out debts.
A proposal introducing a Sporting Sanction that carries an automatic nine-point deduction for clubs that fall into administration could receive sufficient backing from 14 of the 20 Premiership clubs.
It will leave Leeds facing certain relegation unless they hold off an administration order until the end of the season.
It is not a matter of if but when the sanctions are introduced and that may either be with immediate effect or delayed until the summer.
One leading Premier League chairman said last night: "There is little or no sympathy for Leeds United. Why should they be allowed to use administration to wipe out considerable debts of their own making?
"They rolled the dice, took the gamble, and lost. Now they must face the consequences. It is all too easy for clubs to use administration to escape their financial commitments and such action should carry severe repercussions."
A Premier League spokesman said: "We don't have a set policy in terms of a member club entering administration, but our rule book does give us a range of options to deal with it.
"We'd make a decision on how to proceed on a case-by-case basis."