Former Leeds chairman Gerald Krasner expects the club to be placed in the hands of administrators early next week.
Current supremo Ken Bates has steadfastly refused to comment on media reports claiming United could be forced into administration after relegation to Coca-Cola League One was all but confirmed on Saturday.
But Krasner, a specialist in corporate insolvency and director of Leeds-based solicitors Bartfields, said: "In my professional opinion, I'm 90 per cent sure that before next Tuesday Leeds will be in administration unless a white knight comes along.
"If things at Elland Road are not sorted out financially, the club will be stuck in the doldrums for years to come."
Krasner's consortium rescued Leeds from almost certain administration back in March 2004 when securing a £22million takeover of the club.
But they could not save United from relegation from the Barclays Premiership and were forced to embark on the biggest fire-sale in English football.
Lifelong Leeds fan Krasner and his board slashed debts from a reported £103million to £20million, but without the backing of big investment handed over to Bates in January 2005.
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