A Yorkshire-based consortium, who remained the club's only suitors after assorted Bahraini sheikhs, Ugandan property developers and proposals by Leeds' former deputy chairman, Allan Leighton, faded away, have all but concluded a deal with acting chairman, Trevor Birch.
The consortium, fronted by the Leeds-based accountant Gerald Krasner and advised by the former Bradford City chairman Geoffrey Richmond, will pay around £22m for the club.
The new owners will, however, need to deal with remaining debts of around £30m and a wage bill that would cripple Leeds if they are relegated to the First Division.
Krasner, who is an expert on corporate recovery, has not ruled out selling and leasing back Elland Road as a way of raising anything up to £25m.
Leeds' lavish training complex at Thorp Arch is another substantial asset. The sale of Elland Road for development with the club groundsharing with Barnsley, a club run by Peter Ridsdale, has been emphatically rejected.