The fate of Leeds United will become clearer by 4pm on Tuesday afternoon.

That is when the period allowed by statute for an appeal against the CVA expires.

The club, in administration since May 4, announced in a statement on Monday afternoon that an increased offer to creditors had been negotiated, taking the total to 8p in the pound.

Chairman Ken Bates, who is waiting to learn if his buy-back proposal will be challenged, moved to explain the developments in an exclusive interview on Yorkshire Radio.

"The Revenue spoke to the administrator on Friday and asked about the situation," he explained. "And the administrator agreed to look at the situation.

"We then had a meeting on Saturday with Shaun Harvey, the administrator and their lawyers. After a lot of discussions we agreed we would increase the offer by another £1m.

"That means the creditors will get around 8p in the pound. That's as good or better than any other offer.

"Our offer is unconditional other than there is no challenge to the CVA and we get our share transferred from the old Leeds to the new Leeds so we can continue to play.

"That's as far as the new company can go and we think we've done what we can to meet the situation. I have to say ours is the only offer on the table.

"There's been a lot of talking by disaffected people, but this is the only offer."

The chairman also repeated his stark warning about the consequences should the CVA be challenged before Tuesday's deadline.

"If there is a legal challenge it could take two or three months to get to court and be decided," he added on Yorkshire Radio. 

"In the meantime, who is going to pay to run the club? So far it's been funded by the 'new Leeds' but if there is a challenge the 'new Leeds' won't do it because it's a risk.

"The implications are that the club would close down.

"From 4pm on Tuesday there'll either be a Leeds United or there won't. It's not about personalities, it's about Leeds United and the many people who support the club on and off the field.

"Iv'e always been told Leeds city needs a successful football club, and I hope Wednesday can be the first step towards Leeds United being a succssful team for the city of Leeds."

What has threatened to get lost in the process is the fact that manager Dennis Wise is attempting to prepare for a serious crack at League One next season.

The players returned to training on Monday and, after agreeing a number of potential deals in principle last week, the chairman confirmed that Wisey has another three potential recruits lined up.