Alan Smith is the club's biggest asset

The club now has until 19 January to seek a potential buyer for the club or a significant investor.

It was also confirmed that an approach has been made by "a company associated with Sheikh Abdulrahman Bin Mubarak Al Khalifa".

In addition, deputy plc chairman Allan Leighton has resigned from the board "to avoid any conflict of interest" should he choose to become involved in a future purchase of the club.

Chairman Professor John McKenzie said: "I am pleased to announce, on behalf of Leeds United plc, that we have now agreed the first stage of a financial restructuring programme."

McKenzie spent several months working with chief executive Trevor Birch to persuade bondholders to accept a deal.

Profile: Allan Leighton

Leighton has pledged to inject �2.2m in the form of a loan but is also looking for other investors to come forward.

It is possible Sheikh Abdulrahman Bin Mubarak Al Khalifa could step forward alongside Leighton to inject further cash into the club.

Leeds have debts of �78m and admitted last month that the threat of administration was real.

The likes of Rio Ferdinand, Lee Bowyer, Jonathan Woodgate and Robbie Keane have already been sold, and there is speculation they could be forced to sell other players for cut-price fees in January.