Ken Bates in Leeds race

Ken Bates could make a sensational return to football within the next 24 hours as Leeds’ potential saviour, although a three-way race has ensued to take over the cash-strapped club.

Leeds have been in negotiations with the former Chelsea chairman for the last few days, and such has been the rapid progress made, Bates could be in situ by the end of tomorrow.

However, the United board also remain in discussions with the consortium led by Leeds-based property developer Norman Stubbs and a third group chairman Gerald Krasner held constructive talks with in London earlier this week.

Bates was recently linked with Sebastien Sainsbury’s failed £25m takeover bid, only to deny any involvement with the great grandson of the supermarket founder.

But Bates has since made his own approach, and with other investors by his side, the 73-year-old has seemingly come from nowhere to move into pole position.

Leeds spokesman Bryan Morris confirmed: “We are still talking to all consortiums and Mr Bates is one of those.

“No deal has been finalised, but as soon as negotiations have been concluded we will issue a further statement.”

Sources have indicated Leeds may well be in the hands of new owners before the weekend, averting the fearful prospect of administration, and with it a 10-point Football League penalty that would plunge Kevin Blackwell’s side into the relegation zone.

There is the suggestion, though, one group is being played off against the other in order to push through a deal as quickly as possible.

But Bates has made it known, since parting from Chelsea just over 10 months ago with a £17million pay-off from current Blues owner Roman Abramovich, he is eager to return to football, with money burning a hole in his pocket.

Bates long courted Sheffield Wednesday, only to find his money was not welcome by chairman Dave Allen and the rest of the Owls board, despite the club’s debts spiralling to over £25million.

But with Leeds still heavily in debt to the tune of £25million themselves, and with the current board desperate to find a buyer or secure investment with administration looming, it has come to the point where they cannot afford to be choosy.

To date, 13 potential consortiums have sounded out Leeds since Krasner took control 10 months ago, but all have walked away after assessing the burden currently being saddled.

Leeds owe £8million in payments to former managers and players, a further £3.5million each to both the Inland Revenue and the Customs & Excise, while current directors’ loans amount to £4.5million, with the remaining debt made up of smaller creditors.

Stubbs’ group, looking to invest around £10million, has completed due diligence and is currently in talks with the primary creditors with regard restructuring the debts.

Bates, though, appears willing to circumvent such processes, and may have requested of the board they put up a personal monetary guarantee to verify the current liabilities are accurate.

Dr Bill Gerard, a professor of sport management and finance at Leeds University Business School and a life-long Leeds fan, remains sceptical about Bates’ involvement, but knows the club need the money.

“It’s very clear the current board need to get a deal done, otherwise they will go into administration,” said Gerard.

“It may be Leeds are pushing the Bates story to push along the other consortia, but if there are at least two credible groups in there, it gives them hope they will be able to get out of Leeds and avoid administration.

“We, as Leeds fans though, are somewhat wary of someone coming into Leeds who has been so closely associated with another club for a number of years.

“On the other hand, beggars can’t be choosers because it’s clear Leeds need substantial investment to come in very, very soon.”