The last chance for Leeds

Administration represents a disaster for all involved but, with news that Birch is growing more and more pessimistic about the prospects of Sheik Abdul bin Mubarak al Khalifa stepping in with £50m, the temptation to hit the panic button was increasing last night.

Birch would have presented his case yesterday and then been left to sweat. The U. S. bond holders would have discussed their options until late into the evening, leaving any decision until this morning at the earliest.

Not that Leeds will be able to blame Birch if he does fail. This is a situation he inherited and one that worsened last week with the news that a share issue, which would have provided £4.4m in cash, had to be scrapped.

It was Sheik al Khalifa who failed to put up the £ 2.2m which ultimately forced Leeds into admitting to the City last week that they were on the brink of administration, and, because of that, the news of Sheik al Khalifa's statement to the City yesterday, when he said he was 'exploring a number of options' to help Leeds, would have been met with a cool response at Elland Road.

He has already denied reports he was planning a takeover personally, saying: 'I have close ties with club chairman John McKenzie, who updates me with the financial situation at the club that I have loved ever since I was a teenager. Anything more than that is complete nonsense.'

Birch, of course, arrived at Leeds long after the rot had set in, an era of profligacy first under the chairmanship of Peter Ridsdale and, more recently, Professor McKenzie that has left Leeds facing financial ruin.

Ridsdale's mistakes are well documented, from his lavish overspending to the extravagance he displayed in paying agents vast sums for a few phone calls. One such example was revealed on these pages, when it emerged that Ridsdale had authorised the payment of £ 1.75m to the disgraced Rune Hauge for his role in the transfer of Rio Ferdinand from West Ham to Elland Road.

McKenzie has proved no more prudent, paying Harry Kewell's agent 40 per cent of the £5m fee when the Australia striker moved from Leeds to Liverpool during the summer. A good price for the Anfield hierarchy amounted to the deal of the century for Bernie Mandic.

Even when it came to the free transfer of Morris from Chelsea to Leeds, one of the agents involved made a fortune. Sportsmail understands that Morris was on the brink of signing for Cardiff City when a phone call from Mike Morris - an agent who had brokered deals involving clubs Reid had managed in the past - diverted his attention to Yorkshire. For his efforts, Morris received in the region of £150,000.

Leeds have been haemorrhaging money for years and it has been left to Birch, appointed only last month, to resuscitate them before it is too late.

McKenzie can relax in the knowledge that his £200,000 consultancy bonus is secure, while Gordon Strachan must be more certain than ever that he is far better off managing Southampton. Last night, the responsibility was left entirely with Birch.

ALL THAT'S LEFT OF THE FAMILY SILVER

First they sold Rio Ferdinand to Manchester United for £30million, then Robbie Keane, Lee Bowyer, Olivier Dacourt, Robbie Fowler and Jonathan Woodgate for £25m.So who's left?
MARK VIDUKA. Value: £6m. Destination: Abroad, Newcastle, or, just maybe, Manchester United.
PAUL ROBINSON. Value: £3.5m to Manchester City or Tottenham.
ALAN SMITH. Value: £12m to Newcastle or Manchester United.
DANNY MILLS. Value: £4m to Middlesbrough or Tottenham.
JAMES MILNER. Value: £5m to anyone in the Premiership with cash.