An investor is seriously considering pumping £2million into hard-up Leeds United, chairman Gerald Krasner told a Fans' Forum at Elland Road last night.

And he revealed that despite the sale of a complete team during the summer, the club's current debt stands at just under £40million.

Krasner said agreement with the unnamed investor may be reached in the next two months.

He also defended the board's decision to sell James Milner to Newcastle, blaming the failure of the 20-year season ticket debenture scheme, which had left the club with a £7million shortfall on its projected income.

The board now intends exploring the possibility of introducing a five-year season ticket, which may prove more popular and affordable for the fans.

Krasner said that when the current board took over the club, the debt stood at £103million.

"As a result of the actions we took in buying the club and the actions we have taken since, the debt at the moment is probably just under £40million," explained the chairman.

"There is more to be done because you don't sort out a £103million problem in four and a half months but we are getting there."

It was also revealed at the meeting that United have received a £60,000 fine, suspended for 12 months, for their poor disciplinary record last season. The FA had the right to impose an immediate £100,000 fine but after a plea by Krasner and manager Kevin Blackwell, the lesser punishment was meted out.

The fine will only be imposed if the club's disciplinary record fails to improve this season.

On the future of Elland Road, Krasner pledged that football would remain at the ground for the forseeable future. Any sale and lease-back of the ground or the Thorp Arch training complex would be for a minimum of 25 years, with the right to renew and the right to buy back.

Leeds boss Blackwell, who admitted he is desperate to sign West Brom midfielder Sean Gregan, was poised to make a signing today. He would not reveal details of the target, but Leeds are expected to pay a fee.

Meanwhile, United are appealing for supporters to arrive early for tomorrow's opening match of the season against Derby County, which has a 12.15pm kick-off at Elland Road.

A new system of entry at the turnstiles for season ticket holders is being introduced, involving switch cards. The system was tested yesterday and the club say they are doing all they can to ensure the system operates as smoothly as possible.

Updated: 11:10 Friday, August 06, 2004