Gerald Krasner, a representative for the group, was confident about the chances of a deal being done.
He told the Press Association: "We think we have progressed this week. We are going in the right direction. We are optimistic that a successful conclusion will be reached."
Earlier this week Ugandan tycoon Michael Ezra announced he had made a £60m bid for Leeds, one the club have so far denied.
Described as a sports philanthropist who has funded Uganda's boxing and athletics teams in recent times, it has not yet emerged as to how Ezra has seemingly come by such vast wealth.
The 30-year-old claims he has a six-man board in place, but that it does not meet with Leeds' requirements, but again United have refuted such a claim.
Preliminary talks, however, are understood to have taken place with Ezra, who was apparently given a guided tour of Elland Road and the club's Thorp Arch training complex earlier this week, although did not stay to watch Tuesday's 4-1 home win over Wolves.
Leeds announced the latest extension to their standstill agreement through the Stock Exchange in the following statement: "The board of Leeds United plc confirms that its major finance creditors have today granted an extension to the existing standstill arrangements until 2pm on Friday, 27 February 2004 pending the outcome of negotiations with interested parties, including a Yorkshire based consortium, and further discussions concerning the longer term restructuring of the Group.
"On the basis of the current discussions, the Board of the Company re-iterates that it does not believe that there will be any realisation of value for shareholders from the offers being contemplated."