The consortium led by former England striker Gary Lineker to take control of Leicester will have to wait some weeks before they find out whether their bid has been successful

Both the "Gary Lineker Consortium", and the group headed by Gilbert Kinch and Roy Parker submitted business plans for the future running of the club last Friday.

Leicester City's administrators confirmed on Thursday that they had set no time frame on the club's sale

The transfer window opens on 1 January and the administrators could sell of the players to raise much needed funds.

But although Nick Dargan and his staff would have the option of selling players, it's unlikely they would do so, while an resolution to the club's ownership was likely.

No details of the size of the Lineker consortium's bid have been revealed, but it is believed they are willing to pay �4m immediately and a further �1m in August.

Leicester are currently well placed to bounce straight back into the Premiership following their relegation from the top flight at the end of last season.

But if the Foxes fail to win promotion, they are likely to need another cash injection.

Leicester went into administration at the end of October with debts of about �30m.

The club's players agreed to defer part of their wages to meet a required 20% cut in the wage bill.