Leeds United, four days away from going into administration, are believed to have asked their players to take a 20% pay cut, and are now willing to listen to offers for all their big-name stars.
The Premiership outfit are believed to have called in Professional Footballers' Association boss Gordon Taylor for an emergency meeting with the club's entire playing staff in a desperate attempt to ease their £83million dept.
Leeds have asked Taylor to hold negotiations with the players about taking a 20% deferral of wages for the length of their contracts as the club faces going into administration if they do not find a solution to their financial crisis by the Monday deadline set by creditors.
The club's 'stand-still' agreement with their creditors is due to end in four days time, and acting-chairman Trevor Birch is working frantically behind the Elland Road scenes in the hope of attracting a buyer for the debt-laden club, or at least enough investment to see Leeds safely through until the end of the season.
The Premiership side are therefore willing to listen to offer for their most valuable players - strikers Alan Smith and Mark Viduka and goalkeeper Paul Robinson. Viduka is expected to be the first to go, as his £65,000 a week salary is proving to be a huge strain on the club.
Bahrain Sheikh Abdulrahman Al-Khalifa has been heavily linked with a take-over bid for the club. However nothing concrete has yet materialised and should Leeds go into administration the Premier League would almost certainly impose a points penalty on the struggling side, which would push them closer to relegation.