Gray defends ability

Negotiations with a Yorkshire-based consortium are at an "advanced stage" after detailed talks with both Leeds, who have debts of �83m, and creditors.

And creditors have agreed to extend the so-called "standstill agreement" in a bid to ensure the takover is completed.

The consortium's first offer was reportedly rejected, but it has apparently come back with a larger bid.

I can confirm that negotiations are at a more advanced stage Consortium representative Gerald Krasner

A statement to the Stock Exchange said the deadline had been extended "pending the outcome of negotiations with interested parties and further discussions concerning the longer term restructuring of the group."

Consortium representative Gerald Krasner said: "I can confirm that negotiations are at a more advanced stage."

The club have been given a number of deadlines concerning their financial responsibilities and have been given a further extension, with provision to carry through to the end of the season.

Birch managed to raise �5m by 30 January to prevent the club going into administration, with much of the money coming from a 25% wage deferral by the players.

The consortium is reportedly looking to pay �20m to gain control of the club.