But Leeds today confirmed to the Stock Exchange that while they are in “continuing, constructive discussions with a number of parties”, none of the proposals “contemplates an offer for the company's shares”.

The statement makes it clear discussions have concerned “proposals to purchase the company's business and assets, or to inject funds”,

That means there will be no immediate takeover, and that any investment will simply be a ‘take-it-or-leave-it’ offer made available to the creditors.

The likelihood is that a significant amount of cash will be injected to prop up Leeds until such time as it is determined whether the club are playing in the Premiership or First Division next season.

That is the crux to Leeds’ problem in finding a buyer – no-one is sure what they are buying. Leeds are one off the bottom of the Premiership, five points adrift of safety, and staring at the reality of losing up to €40m in revenue if relegated.

Former deputy plc chairman Allan Leighton seemingly remains the frontrunner to step in with a consortium understood to include billionaire Philip Green.

The Monaco-based businessman has made his fortune raising the profile of high-street stores Bhs, Burton, Top Man and Dorothy Perkins, however, it is anticipated his role – if any – will only be minor.

Life-long fan Sheikh Abdulrahman bin Mubarak al-Khalifa claims to have held talks with potential investors in recent weeks and is optimistic of a solution, while it is understood a third, and as yet unnamed group, are also interested.

Henk Potts, of Barclays Stockbrokers, said: “What this statement today means is the creditors will get any money injected, which is not good news for shareholders, because it is the people who are injecting the cash and the creditors who are in control of Leeds United and its destiny.”

However, as Leeds’ shares have today dropped by 23% to 3.3pence, some shareholders will not be worried that there is unlikely to be an immediate offer for their stock.

Dr Bill Gerrard, a professor of sport management and finance at Leeds University Business School, said: “What has happened today is not unexpected and my principle concern is Leeds United Football Club and seeing it back on a financially-stable platform and the team performing on the pitch.”

But Leeds’ problems are also worsening on the field with the news today that centre-back Michael Duberry could miss the rest of the month with a hamstring injury.

Duberry limped off with 10 minutes remaining of Saturday’s 1-0 Elland Road defeat to Tottenham and adds to the club’s woes ahead of this weekend’s trip to Southampton.

Caretaker-boss Eddie Gray is definitely without skipper Dominic Matteo, who serves a one-match suspension, while a question mark hangs over the availability of striker Mark Viduka.

The Australia international has been granted as much ‘compassionate leave’ as is necessary after returning home at the weekend to be at the side of his critically-ill father Joe, who is in the Intensive Care Unit at the Royal Melbourne Hospital.

Viduka senior is understood to have a heart condition which a spokesman for the hospital has described as “serious”.

Duberry’s absence, after a run of 11 games in which he had looked impressive at the heart of the defence, along with that of Matteo and Lucas Radebe, is likely to mean a return to the side for Zoumana Camara.

The on-loan Frenchman has not figured under Gray since the 55-year-old’s first game in charge, a 2-0 home defeat to Bolton on November 22.