The biggest hurdle is that Leeds actually signed a document to say they would take the Golden Share but they would accept the 15-point deduction. Cramer has seen the original High Court writ, which is a public document.
"Although the actual arbitration proceedings are the subject of confidentiality, as night follows day what's in that legal document at the High Court will form the basis for the legal argument at the arbitration," added Cramer.
"It's a very well presented case, and Leeds United have clearly worked very hard, which is not surprising as there's a huge amount at stake. There are significant hurdles to overcome. Probably the biggest hurdle is that Leeds actually signed a document to say they would take the Golden Share, (a membership of the Football League which every club must have in order to compete, but they would accept the 15-point deduction).
"It's a tough one for the arbitration panel. I think where Leeds have got some comfort is that it's my understanding that the three-man panel is chaired by a very senior High Court judge or a Court of Appeal judge, so there's going to be some sanity to the arbitration proceedings and I think they will apply a legalistic approach to them."
Even if Leeds do not get all 15 points returned, Cramer believes that they could get some of them back. He concluded: "They may carve it up, they might say 'Well hold on, 15 points is too much, we've got to give them something' and bring it down to eight, seven or six."