Ken Bates has a strong rival in the battle for ownership of Leeds after two potential investors joined forces to launch a takeover bid. Current chairman Bates already had one offer on the table while it emerged this evening that investment firm Redbus Group had linked up with another interested party, local property developer Simon Morris. Redbus chairman Simon Franks admits his company are taking a big risk as they do not have access to important financial information, such as where recent season-ticket income has gone. This has made the bid difficult to compile but Franks is confident he has put together a sound plan. Franks told Sky Sports News: "I had a conference with all of my guys and some of them begged me to walk away. They just felt it is impossible to bid where you don't have any data and to do so would be risky verging on reckless. "But we think Leeds is such a valuable franchise, such a great club that it is worth taking that extra risk." Leeds were put up for sale by administrators KPMG last Friday after the Inland Revenue launched a legal challenge to Bates' original plans to buy back the club from administration. Bates has raised his first offer of paying back creditors one pence for every pound owed to eight pence per pound and has threatened to sue if a rival bidder succeeds. It is not known how many parties have submitted bids to KPMG. Former Hull owner Adam Pearson - who sold the Tigers last month - has also been linked with a takeover attempt. Duncan Revie, the son of former Leeds manager Don, has previously expressed his interest too. KPMG now want to see proof of funding from parties by midday tomorrow, something Franks says his group have already provided. There have been suggestions that Leeds, thought to be £35million in debt, could go into liquidation if the situation is not resolved and the Football League board met to discuss the matter. Spokesman John Nagle said: "The Football League board met to consider the current position of Leeds United. Discussions with the administrator are continuing."