Saviour may be too late for Leeds

Southampton 2 Leeds United 1

The day of reckoning was supposed to be tomorrow for Leeds United. With this frustrating defeat it may well have come early. They are losing hope as they slide towards the Nationwide.

Whatever rescue mission their directors mount ­ and they appear to have secured more time at least ­ is being holed, despite a spirited second-half rally, by the players. Relegation will make it worthless. With Wolves' unlikely victory, they are dumped at the bottom. Even the dark blue of their away strip had a funereal hue to it.

"If you make mistakes like we made then you are going to get punished," said the caretaker manager, Eddie Gray. He was referring to the slip-ups, literally, that led to both Southampton's goals. But he could have been referring to the ruinous club as a whole. "I said to them at half-time ­ if you are going to lose then do it with a bit of spirit," he said. Spirit, however, only goes so far.

The entertaining victory, if unconvincing, was restorative to Southampton ­ and their strikers, both of whom scored ­ in the absence of James Beattie whom Gordon Strachan said was simply exhausted. "He has run himself into the ground," said the manager of a player who has carried his team's hopes for two years now.

Southampton's own anaemic form ­ no previous win in five ­ was superceded although they, again, creaked and almost discarded points. Indeed Leeds' woes dominated what was their opponents' first home game since Strachan announced his departure ­ although the autumn days when he was thought to be joining his former club now appear a distant, distorted memory.

Almost bankrupt off the pitch, Leeds were bankrupt on it, missing eight players. The contest was also, in all probability, Alan Smith's last for them although, in the impressive James Milner, they have a new talisman. Returning after a two-match ban Smith is likely to be sold before they play again on the last day of the transfer window, 31 January. His final act for the club, whose colours run in his blood, may be to keep them afloat a little longer.

On Monday Leeds are expected to announce a stay of execution. It is understood creditors will agree to a week's extension on the current, expiring "standstill agreement" ­ giving the acting chairman, Trevor Birch, another deadline to find a solution or a saviour.

Administration may be prevented until the season's end if £5m is found. And that is where Smith comes in. Despite their reluctance, Leeds know he is their prize asset ­ and will have to be sacrificed, especially as, crucially, they would receive little from the sale of Mark Viduka, absent due to his father's illness, as they do not "own" him. It is yet another sign of the extravagance of the previous regime that players were rented from finance companies.

Leeds have all but given up hope in the Bahraini Sheikh Abdulrahman bin Mubarak Al-Khalifa whose resources seem less opulent than his name. Having promised £35m on Friday, nothing arrived. Well-meaning he may be but the Sheikh, it seems, is a bit of a flake. "Frankly we've no confidence," said one club source. "There's been a number of deadlines and he's failed every one." Like some dodgy flat-pack furniture, his plans just don't stack up ­ dependent, as they are, on creditors surrendering £80m.

Smith, however, almost provided an improbable lead, on 11 minutes, shifting his body to beat Michael Svensson easily ­ before dragging a shot weakly wide from 20 yards.

Despite their fragility Leeds created a clearer opportunity when Milner's excellent deep cross fell to Jermaine Pennant. Unmarked, he delayed too long and his shot was smothered by Antti Niemi. Southampton accepted the reprieve. Brett Ormerod immediately broke at pace, from David Prutton's clever pass, twisted, turned and dumped Matthew Kilgallon before shooting low.

It was an accomplished finish ­ as was Kevin Phillips' moments later. This time it was the other central defender, the hapless Zoumana Camara, who lost his footing and the ball. Undistracted Phillips held on, waited until Robinson committed, and slipped his shot beyond him for, extraordinarily, his first League goal since the opening day. "But he's been the best out-of-form player I've seen in my life," said Strachan in reference to Phillips' play.

The industry of Prutton and Rory Delap was unmatched and the Irishman should have increased the lead soon after the break. His header, from near in, was meek and scrambled away. Phillips, thriving, came closer with a right-footed drive while a fierce half-volley by Ormerod, from an acute angle, cannoned off the post.

Another goal seemed inevitable ­ except it came at the other end. A short corner was swung in by Ian Harte and Kilgallon, unchallenged, headed joyfully home. Southampton were stung and Phillips, again, came close. Beating Kilgallon, he also beat the post ­ but hit the side-netting.

The arrival of Michael Bridges provided impetus and Leeds scented an unlikely point. Somehow, as Milner charged through, his cut-back struck Michael Svensson, then the post and out. As they poured forward, Phillips broke away. He ignored Ormerod but snatched his shot. In the end it was no reprieve for Leeds. They will hope that comes over the next few months.