Shares in Leeds United have risen by 40 per cent this morning as speculation grows over a club takeover.
Leeds, who have debts of more than £80 million sterling, have until Monday to find a buyer to stave off the threat of administration.
The club have so far remained silent over their financial future but a significant amount of share trading was reported yesterday. After the first 10 minutes of trading this morning, shares in the club had risen 1.25p to a value of 4.37p each.
It has been widely reported this morning that Sheikh Abdulrahman bin Mubarak al-Khalifa of Bahrain, a lifelong fan, has put together a £35 million package and is ready to make an offer to the board. Former deputy plc chairman Allan Leighton is also trying to form a consortium in the hope of saving Leeds from financial ruin.
The club had reached a "standstill agreement" with their creditors last month which imposed a deadline of January 19th to resolve their future. There is a feeling however that that deadline could be extended should some funds be forthcoming in the next few days.