Leeds United could slip into administration later this week if an offer from Allan Leighton to step down as vice-chairman fails to save the club.

Leighton last month offered to inject fresh capital into the ailing club but plc legislation insists that shareholder approval must be sought if a director wishes to invest in his own company.

That could take up to three weeks to secure and it has emerged that Leeds cannot afford to wait that long to bring in some cash. Leighton has told chief executive Trevor Birch that he will step down if that frees up the money.

Weekend reports that Bahrain tycoon Sheikh Mubarak al-Khalifa's consortium was set to buy the club but Leeds stressed in a statement last night: "The board wishes to make it clear that it has received no bid approach from any party and therefore regards recent reports as pure speculation."

Meanwhile, Leeds slipped out of the FA Youth Cup third round with a disappointing 2-1 defeat at home to Ipswich Town.

Updated: 10:57 Tuesday, December 02, 2003