NEWS: LeedsUnited's desperate hopes of finding a saviour to rescue them from administration received an apparent boost yesterday when Sheikh Abdulrahman Al Khalifa confirmed he is "exploring a number of options to assist" the stricken club.
However, despite the sheikh's statement to the Stock Exchange that he is exploring options which could lead to a takeover bid, Leeds' future remains uncertain and even if a Middle Eastern consortium does decide to invest in the club it may be too late.
Chief executive Trevor Birch and deputy chairman Allan Leighton will continue their efforts to restructure Leeds' £78 million debts, knowing that unless they are successful by the end of the week then administration may follow.
Al Khalifa's statement does little to signal firm intent. It said: "Further to recent press speculation and comments attributed to His Excellency, the sheikh confirms that he is at an early stage in exploring a number of options to assist the company in its present financial position that may or may not lead to an offer being made for the company's issued share capital. A further announcement will be made as appropriate."
The sheikh is reported to be a Leeds fan of many years' standing.
Scepticism at Leeds is understandable - they were expecting a cash injection of £4.4 million from the sheikh last week, but it has yet to appear.
Leeds' other hope is that they are given some vital breathing space by the American bond-holders to whom the club owe £60 million and that they will release £4.1 million which was originally paid as security for the loan.
They are also making efforts to find a way in which Leighton can give the club another £2.2 million in the form of a loan without having to step down from the board.
If Leeds are in administration when the transfer window opens on January 1st they face the prospect of having leading players such as Alan Smith and Mark Viduka sold off.
The bond-holders would also take over ownership of the Elland Road stadium and lease it back to the club.
Leeds would be in even more financial trouble if they were relegated, losing up to £15 million in revenue.
The sheikh, a member of the Bahrain Royal family, has admitted previously that he would be happy to broker a deal between the club and other interests in the Arabian Gulf but denied reports over the weekend that he was personally planning a takeover.
However, the sheikh has admitted that he was keen to help out the club and had recommended a number of parties who might be interested in investing funds in the club.
"I was in direct contact with Mr McKenzie during my last visit to England recently - and after being notified about the disastrous financial status of Leeds United, I have suggested to start negotiations with some of the main investors in the Gulf region in order to buy the club," he added.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/YVIRIOZQ35EWRPZXR27KGMO6YU.png)