Leeds have been forced to make a number of redundancies following relegation but are expected to be taken out of administration when creditors agree at a meeting today for Ken Bates to buy the club back.
Bates told the Daily Mirror: "Dennis Wise has volunteered to take a pay cut, which I think must be a first in the history of football. He is leading by example."
Wise has been suspended from making signings until Leeds come out of administration and Bates added: "Other clubs have been able to sign players since May 7 and, in fact, some players we wanted have already been signed.
"But Dennis has had a lot of discussions with players. I have now sent Dennis and Gus Poyet away on holiday and by the time we'll be able to trade again, they will be back."