The former chairman of Leeds United Gerald Krasner has described the payment settlement offered by his successor Ken Bates to the club's creditors as "utterly derisory".
Bates, a former chairman of Chelsea who sold the club to Russian oligarch Roman Abramovich in 2003, has made an offer of just one penny in the pound to those seeking to recover money owed by Leeds, who are in administration.
The Elland Road outfit were relegated to the third tier of English football for the first time in their history at the end of the 2006/07 season and were forced to call in the administrators to attempt to clear debts totalling £35 million.
And despite Bates' assertion that without the agreement he is proposing the club will cease to exist, Krasner has deemed the offer on the table unacceptable.
"In my opinion this is utterly derisory," Krasner told BBC Radio 4's Today programme.
"One penny in the pound to the people on that list is just not acceptable to me. I believe there are better alternatives if we can get them to be put forward."
According to reports three large overseas companies – owed a combined £18 million – are keen on the deal but Krasner believes there is more to this than meets the eye.
"They have been listed in the proposals as the Forward Sports Fund, which is a connected creditor because that owns shares in the football club," he explained.
"The other two are off-shore entities called Astor Investment and Krato. They have injected, I believe, substantial monies and for some reason they are willing to wipe out the bulk of those monies, but there is nothing in the proposals why. Are they involved in the new club or not?
"That is not actually stated in the proposals."
The club is today holding two creditors meetings at Elland Road in order to determine the future of the Yorkshire outfit.
All parties owed money by Leeds United will have a vote on whether or not to accept Bates' offer, which could settle the issue of whether or not the club will be able to take its place in League One next season.
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