Leeds are close to creditors deal
LONDON, England (Reuters) -- Leeds United say they are close to agreeing an extension with creditors.
Chief executive Trevor Birch told Sky tv that they hoped for an extension of at least a week to put funds in place to run the club for the rest of the season.
"We have some certainty then. We are either still in the Premier League or relegated and both scenarios provide different solutions," said Birch.
The club has accumulated debts of over 80 million pounds ($145 million) , most of which is owed to American firms MetLife and Teachers and British company M&G.
An extension would give Leeds time to sell more players in the January transfer window. Strikers Mark Viduka and Alan Smith and goalkeeper Paul Robinson have been linked with moves away from the club.
Sheikh Abdulrahman bin Mubarak al-Khalifa, a member of Bahrain's royal family, and Chinese businessman Xu Ming have been reported as interested in investing in the club. Leeds's ex-chairman John McKenzie and ex-deputy chairman Allan Leighton are also exploring a possible rescue.
Leeds, who have won just four of their 22 league games this season, lost 2-1 to Southampton on Saturday and are bottom of the division.
Caretaker manager Eddie Gray was not over-optimistic about their prospects of remaining in the top flight. "It's going to be very difficult now," Gray said. "These are the types of games and places we've got to come to and get results and it never happened."
Unless Leeds can break out of the Premier league's bottom three, relegation to the significantly less lucrative first division looms -- making the club less attractive to potential financial rescuers.
If their negotiations fail, the club best known for its trophy winning team of the 1970s could become the first Premier league side to be forced into administration.
Such a move could incur a points penalty, which would make relegation almost inevitable.
The club dismissed media reports they were considering selling their Elland Road ground as "mischief making."
Leeds said on their website: "The possibility of a stadium redevelopment is something that will be looked at in three to five years time, but is not even on the agenda with more pressing needs to address."
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