The statement read:
"The Stubbs Consortium have had constructive discussions with the Football Club today. A successful conclusion to the transaction is dependant on negotiations with a number of third parties. We expect that these negotiations will take approximately 7-10 days. Everyone’s aim is to deliver a positive outcome for the benefit of the club."
Former Leeds deputy chairman Allan Leighton, who is the current chairman of Royal Mail, is understood to be aiding the bid.
The proposed offer depends on whether they can successfully negotiate renewed terms with the club's major creditors, in particular the Inland Revenue, Customs & Excise, the bondholders and a number of former players and managers still being paid by Leeds.