Leeds on brink of administration

Leeds chairman Ken Bates, seen here in 2006, has denied reports that the former Premiership champions will be forced to go into administration. Leeds have said they will only welcome interest from real investors after their latest league setback left them teetering on the edge of relegation to England's third division.

Former Premiership giants Leeds will welcome interest from only real investors after a latest league setback left them teetering on the edge of relegation to England's third division.

A 1-1 draw with Ipswich at Elland Road all but doomed Dennis Wise's side to League One football, which is effectively England's third division after the Premiership and Championship.

Speculation is gathering pace regarding the future of Leeds with some reports claiming the former Premiership side could go into administration within seven days, or be taken over.

But ahead of a make-or-break final Championship match against Derby next week, chief executive Shaun Harvey has urged would-be investors to put up or shut up if they really want to help Leeds bounce back.

Chairman Ken Bates has also insisted plans were already in hand for Wise to get Leeds back up at the first attempt.

Harvey said: "It is important that we take time to reflect on all the factors that have seen us relegated, barring a miracle at Derby next week.

"We need to make considered and structured decisions both on and off the field over the forthcoming weeks to position ourselves to use next season as a springboard to go forward from.

"There will be (and has been) a significant amount of speculation as to what the future holds for the club financially, particularly from would-be investors who want to become involved/own Leeds United.

"This type of speculation is currently rife ... but our message remains consistent in so much as anyone interested in becoming financially involved should contact us with full details of who they are and proof of funds to show they are able to assist us."

BBC Radio Five Live reported Monday, citing a well-placed source, that the club could go into administration within a week.

But chairman Bates, 75, played down that suggestion and has jumped to defend Wise, who failed to halt the slide at Elland Road after being appointed Kevin Blackwell's successor in October.

Bates told the Yorkshire Post: "Dennis has done a much better job than many people realise.

"We were in a much worse position when Dennis came in than people know about.

"Some of the difficulties he inherited cannot be made public, but there were real problems in the dressing room. The playing side was in complete disarray."

Bates added: "On Monday we will start the first day of the 2007/8 promotion season.

"We can now have a complete clean out and start again. It's time to look forwards, not backwards."