What's the latest situation?

Elland Road: a modern stadium and valuable asset

Leeds United needs to find a buyer fast to help pay off debts of more than �82m ($150m) and keep the administrators away from Elland Road.

Since December, the financial institutions that it owes money have agreed five times to extend the breathing space - or 'standstill agreement' - drawn up to let the club find a rescuer.

Now they have refused to go into extra time. As a result, Leeds United's board had to suspend the firm's shares from trading on the London Stock Exchange.

The board said it "continues to retain the support of these major finance creditors" whilst looking for a saviour to put in money.

Debtors like bondholder M&G have backed that up, saying they "remain supportive", suggesting they are not pushing to send in the administrators yet.

But the uncomfortable fact remains that they did not sign up to another six-week breathing space.

What are Leeds' chances of a buyer?

They're not looking good.

A string of rumoured offers from millionaires in the Gulf, China and Africa have failed to materialise, and now there is only one consortium left to talk to since ex-Huddersfield chairman Terry Fisher withdrew earlier in the week.

The last man left on the pitch is Gerald Krasner, an insolvency expert.

With the team bottom of the Premier League and relegation a real threat, potential investors have been "looking in a very hard-eyed way" at the club's prospects, according to football management consultant Tom Cannon.

What are the options for Leeds' bosses?

That depends on how long the creditors are prepared to give them.

"It looks as if the patience of the creditors is wearing a little thinner today that it was last week," said John Davies, head of business law at the Association of Chartered Certified Accountants.

Player sales may help keep Leeds Utd afloat

Leeds bosses need a deal that injects money into the club and satisfies the creditors. If they can't find one, the alternatives look bleak.

Player sell-offs look inevitable, along with more pressure for players to accept pay cuts.

If the creditors' patience runs out, then they could impose their own financial solutions on Leeds United.

Liquidation is the nuclear option, involving selling players and property ahead of a final shut down. Or individual lenders could appoint a receiver to sell assets - probably players - to recover their loans.

Administration is far more co-operative. The administrator's job is to rescue the business with a solution that lenders and the board can accept, but their first duty is to the creditors.

Administration can be one way for a struggling firm to buy time; for creditors it may make sense if they think Leeds can turn the corner commercially.

Is there a deadline?

Officially no, but Leeds cannot stay in limbo for long.

Company directors have a legal obligation not to continue trading if they know their firm is insolvent. They can be sued in the civil courts and held liable for the company's debts, though not jailed.

There are going to be big pressures on the pitch too.

The club will look shakier commercially if it is relegated when the season ends on 15 May. At present, it is at the bottom of the Premier League with 12 games to go.

Premier League rules dock nine points from clubs that go into administration after 3 June under newly-introduced rules. Choosing administration before then avoids this.

Leeds' bankers are likely to follow the next few games closely.

Who are the major creditors?

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.

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.