The takeover moved a step closer earlier today when Leeds chairman Gerald Krasner confirmed the Anglo-American consortium had finally provided proof of funds.
Sainsbury, along with Michael Lucas, Burl Sheppard and Bradley Ray, the trio heading Florida-based company Nova Financial Partners, have promised to invest £25m into the club as they look to finally ease their financial problems.
Leeds' financial director Melvin Helme and the club's solicitors, Walker Morris, examined in great detail the financial evidence put before them on Monday.
Sainsbury has already declared his intent to take over from Krasner as chairman, while it is also believed Yorkshire businessman and Leeds fan Steve Parkin, who attempted his own buy-out earlier this year, will be handed a seat on the board.
A joint statement from Leeds United and Nova read: "Nova have agreed to transfer £25 million into their solicitors' bank account by the end of Thursday and this transaction will be verified at such time by Leeds United's solicitors.
"Provided the funds are verified, Nova confirmed it would complete a deal with the club on or before 1pm on Friday."
Lucas revealed the consortium's aim is to help the club back into the top flight. "We are looking forward to completing the contract and working towards Premiership status," he said.
"No further comment will be made by either party or anyone representing either party until either completion or the deadline for completion has passed."