Leeds are believed to be close to securing their future with reports stating that the club is on the verge of being taken over by a Leeds-based consortium.

The £30m takeover will see Leeds Utd plc wound up and affairs transferred to Leeds Utd AFC after the consortium struck a deal with the major creditors which will see the new club pay off 20p for every pound they owe.

Leeds businessman Gerald Krasner will chair a six-man board which will include former Elland Road great Peter Lorimer.

Under the proposed deal, £20m will go to major creditors, while another £10m will be used as working capital.

The consortium has pledged they will not sell the club’s Elland Road ground, although part of their Thorp Arch training centre may be sold.

Current chairman Trevor Birch, who kept Leeds in business in recent months while the threat of administration hung overthe club, is said to be leaving the club.