BBC News Online looks at how Leeds United hopes to negotiate its latest financial hurdle, after tumbling from the edge of European glory in 2001 to the brink of financial and playing disaster three years later.

What is the latest situation at Leeds United?

An original six-week administration deadline was set on 4 December for Leeds United - which has debts of about �82m ($150m) - to find a buyer.

On Monday, 19 January, that deadline passed without a white-knight coming forward, but the club was granted a standstill agreement with its major creditors.

The agreement came after club finance director Neil Robson and chief executive Trevor Birch said they would be instigating cutbacks.

A club statement to the stock market said the agreement "provides for a further two-week extension to 6 February, 2004, conditional on achievement of certain financial and other covenants".

Earlier this week, the club secured an extension of the deadline until Friday.

Mr Birch's efforts came on the day it emerged that a local consortium was being linked with a �20m takeover of the club.

Who are the major creditors?

A sum of about �60m is owed to a group holding bonds issued by the club. This group includes finance firms Prudential-owned M&G, MetLife, Teachers, and Gerling.

This consortium is thought to have turned down a proposal by former club vice-chairman Allan Leighton to form a consortium to provide �5m to see the club to the end of the season.

However, the bond holders have agreed to put their repayments due on temporary hold, in the hope the club can keep its head above water without being forced into administration.

A further �21m is owed to Registered European Football Finance Ltd (REFF), a Guernsey-based agency to whom Leeds owe a further �21m with regard to the "hire purchase" of several players including Mark Viduka.

When is the next crucial deadline?

Friday 30 January is when Leeds' position should become clearer, for better or worse.

It might announce that �5m has been found, or ask for the further fortnight's breathing space, call in the administrators voluntarily or see the creditors apply to court for an administration order.

If the club went into administration, debts such as transfer fees would have to be paid, as would the Inland Revenue, and then the major bond holders.

How did the club get into this state?

The club's financial difficulties can be traced back to the time of former chairman Peter Ridsdale, now at Barnsley.

Back in the early years of the decade, the club borrowed heavily to fund its ambition to turn the club into a giant of European football.

Despite reaching a semi-final of the Champions League in 2001, success was not forthcoming, the debt quickly returned to haunt the club, and a number of key players were sold to recoup funds.

Why has a buyer not come forward so far?

With the team bottom of the Premier League and relegation a real threat, it would mean a huge deduction in price for someone buying a Nationwide League club compared with a top-flight outfit.

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However, if the club can stay out of administration and stay in the Premiership they may well find a buyer in the summer, perhaps even a Roman Abramovich-style figure.

There has been growing frustration with Sheikh Abdulrahman bin Mubarak Al-Khalifa, a member of Bahrain's ruling family and a fan, whose reported �35m bid has not appeared.

And a proposed China-based consortium put together by former chairman Professor John McKenzie, has also not materialised.

Have the players offered to help?

Following a meeting at Elland Road between the players, their Professional Footballers' Association(PFA) union, and club officials, it appears the team is unwilling to agree to a pay deferral until all other options are exhausted.

The PFA has said there is no chance of an outright wage cut as players contracts are "sacrosanct".

Club chief executive Trevor Birch, who earns �500,000 per year, caretaker manager Eddie Gray, and head coach Kevin Blackwell are all willing to defer their pay until the end of the season, but it seems only a minority of players are willing to do the same.

At lower league clubs the PFA has often stepped in to pay wages at clubs in administration, but at Leeds player salaries are as high as �60,000 a week, and this is not an option.

How much could a wages deferral save?

If the players had agreed to forgo around 30-35% of their wages, it could help the club save �5m to continue operating until the end of the season.

Staff wages at the club were �56.6m in the year to 30 June, 2003, or 88% of turnover. Losses were almost �50m for the year, a record for a Premier League club.

A wage deferral would also show the main creditors that the club was taking serious steps to reduce costs.

Would selling the last remaining desirable players help?

Even if the players agree to a less-than-30% wage cut, one of the remaining "crown-jewels" in the team may have to be sold merely to get through to the close season.

Possible candidates would be goalkeeper Paul Robinson, who rejected a move to team up with old Leeds manager David O'Leary at Aston Villa last summer.

Home-grown striker Alan Smith is another who would attract a potential big name buying club from the Premier League or overseas.

What about selling striker Mark Viduka?

Selling the former Celtic striker would remove him from the wage bill but not bring in any funds, as he was bought under a lease-back scheme.

Viduka is one of a handful of players Leeds signed on "hire purchase" with the aid of cash from player-leasing agents, REFF.

Leeds are still thought to owe millions to REFF in interest payments on the Viduka deal, despite Celtic receiving their �6m fee in the summer of 2000.