Leeds United have been given another week to sort out their financial crisis and avoid going into administration.

It is the fourth extension the club have been granted since January 19, the original deadline agreed with creditors for Leeds to solve its financial problems.

In a statement to the stock exchange, Leeds said the present agreement had been extended until February 13 “pending the outcome of negotiations with interested parties and further discussions concerning the longer-term restructuring of the group”.

Leeds have been in negotiations with a consortium of local businessmen as they try to produce a takeover package to save the ailing club.

Leeds are £80m in debt and on current form they look likely to be relegated – a fate which would almost certainly result in the club being forced into administration.