According to The Sun, Richmond is part of a four-man consortium in talks with Elland Road officials about a £25m takeover.
The new two-week stay of execution gives Richmond and his colleagues more time to complete the formalities.
Former Bantams chief Richmond is prepared to risk the wrath of Leeds fans and return to football, despite being told by the club’s supporters he is not wanted at Elland Road.
A consortium spokesman said: "Everything is clicking into gear, but very slowly.
"These things take time but we’re very confident of a successful outcome to negotiations."