The London market started the week on a high note today as rumours that a bid could be on the cards for Sainsbury’s drove the stock higher.

Former Asda boss Allan Leighton is set to lead a takeover bid for struggling UK supermarket chain Sainsbury’s, reports today said.

Jitters over the closeness of the US presidential election and high oil prices hampered the London market’s progress today.

Fears that the US election will be decided in the courts rather than the ballot box were helping to undermine confidence among investors today.

Investors in British dotcom boom survivor lastminute.com were hit by a spectacular slide in the travel and leisure company’s share price today.

Online travel business lastminute.com today said it planned to cut 350 jobs as part of a drive to reduce costs by 10% in the next financial year.

Online retailer lastminute.com said today it was confident of another year of improvement after making “significant progress” in the second quarter.

Lastminute.com chairman Allan Leighton won overwhelming backing today as shareholders brushed aside concerns over his commitment to the job.

Chairman of web travel giant Lastminute.com, Allan Leighton, has said the online travel retailer would continue its acquisition spree as it announced reduced losses in the first quarter.

LEEDS’ acting-chairman Trevor Birch has been given just another seven days to find the funds which will prevent the club falling into the hands of administrators.

LEEDS face another day of reckoning today but it is one they are likely to survive — for now at least.

The Professional Footballers Association today met Leeds players to discuss the perils and pitfalls of administration.

Leeds are believed to be close to finalising a short-term rescue package designed to stave off the imminent threat of administration.

Leeds United this morning confirmed “continuing, constructive discussions” are taking place over the future of the debt-ridden club.

A CHINESE tycoon has emerged as a prospective buyer to help save debt-ridden Leeds from falling into the hands of the administrators.

Professor John McKenzie was today described as “damaged goods” following his decision to step down as Leeds plc chairman.

LEEDS UNITED, the Premier League soccer club struggling on and off the pitch, said yesterday it was in talks with a number of interested parties that could lead to a takeover.

LEEDS chief executive Trevor Birch has warned it would be “a brave man” who puts the club into administration.

LEEDS chief executive Trevor Birch believes any prospective new owner has to have the club “in the blood”.

LEEDS chief executive Trevor Birch has attempted to reassure fans by stressing the club’s best players will not be sold in January.

Leeds chief executive Trevor Birch has attempted to reassure fans by stressing that the club's best players will not be sold in January.

Leeds chairman Professor John McKenzie has put a value of over £50m (€71m) on the troubled club – but believes the Elland Road outfit is worth investing in.

Leeds have paved the way for a New Year takeover which should safeguard the future of the club.

LEEDS yesterday temporarily staved off the imminent threat of becoming the first Premier League club to go into administration.

Leeds have today temporarily staved off the imminent threat of becoming the first Premier League club to go into administration.

Leeds United PLC, the struggling football club, was saved from administration last night after a deal was agreed in principle between the club and its bondholders, to release £4m (€5.70m) of working capital, according to reports.

Chelsea may be top of the Premiership and have the richest owner in the game, but Manchester United continue to dominate the financial side of football.

THE SHEIKH exploring the possibility of taking over debt-ridden Leeds United has claimed that he would not sell the club’s “jewels.”

FOOTBALL LEAGUE bosses may decide to close a loophole which could allow Leeds to escape a mandatory 10-point penalty for going into administration with £78m debts.

SHARES in Leeds United Plc, who are bottom of the English Premiership, plunged 29% after the company said that a planned share sale won’t go ahead and that it may ask for court protection from its creditors if talks with them fail.

Leeds today stand on the brink of administration – but that would not mean the end of the football club.

Cash-strapped Leeds have revealed they could soon be forced into administration if negotiations with their creditors fail.

DAVID O’LEARY’S chances of making a managerial return to Leeds have been dismissed as “unlikely in the extreme”.

David O’Leary’s chances of making a managerial return to Leeds have been dismissed as “unlikely in the extreme”.

LEEDS chairman Professor John McKenzie plans to be running on a beach alongside a beautiful blonde in a couple of years’ time.

Leeds Supporters’ Club chairman Ray Fell feels it would be “grossly unfair” if the club chose to sack Peter Reid after just 16 matches in charge.

New Leeds chairman Professor John McKenzie surveyed the “serious but not impossible” task of turning the club’s finances around and insisted that the sale of more players in the summer would be “a last resort”.

IF the footballing equivalent of Hans Blix was assigned to search the Premiership he would only have to stop off at Elland Road to find weapons of sporting destruction.

Bhs billionaire Philip Green will make a cash bid of around £3.2bn for Safeway within the next 10 days, it was reported today.

LEEDS boss Terry Venables has admitted going through the pain barrier in a bid to getting the club back to winning ways.

Scrapping professional football in the lower divisions is not the way to safeguard the future of the game, according to former Football League chairman Keith Harris.

PETER RIDSDALE watched Leeds’ UEFA Cup tie against Malaga safe in the knowledge he will be re-elected as a club director at the annual general meeting tomorrow.