Leeds may be given two more weeks to find a buyer as they seek to avert the threat of administration.

The club had been set a deadline of Monday 19 January to find potential investors, but the club could be given until the end of the month as creditors wait to see if money comes in from player sales.

Meanwhile, newspaper reports on Friday, however, said Sheikh Abdulrahman bin Mubarak Al-Khalifa was close to finalising a rescue package. The Bahraini is reported to have secured the funding which will enable him to buy the club, pay creditors and provide about £15m for new players.

A close aide of the sheikh was quoted in the Independent newspaper as saying:

“The sheikh is happy with the way this package is put together.

“He has had to change direction in many ways, but his driving force was in saving the club.”

The Mirror newspaper reported that Sheikh Abdulrahman bin Mubarak Al-Khalifa has raised £35m to buy the club and invest a substantial sum in new players.

Leeds shares soared 1.25 pence, or 40 percent, to 4.375 pence in early morning trade, valuing the club at 15 million pounds.