Leeds United have officially been relegated to League One after going into administration and incurring a ten-point penalty which leaves them propping up the Championship.
A statement from the debt-ridden Elland Road club read: "Richard Fleming, Mark Firmin and Howard Smith, of KPMG Restructuring, were today appointed administrators of Leeds United Association Football Club Limited at the request of the club's directors.
"Shortly after their appointment the joint administrators agreed to sell the business and its assets to a newly formed company called Leeds United Football Club Limited, the directors of which are Ken Bates, Shaun Harvey and Mark Taylor.
"The sale of the club is subject to approval by its creditors, via a Company Voluntary Arrangement (CVA).
"This would see creditors forgoing a significant element of their debt, in order to allow the club to continue trading under new ownership.
"The creditors' meeting, to consider the CVA, will be held before the end of May. The Football League will also need to approve the sale.
"It was necessary for the club to enter administration as its balance sheet dated 31 March 2007 indicated debts totalling approximately £35million, with a cash injection of approximately £10million required to continue trading.
"Further, Her Majesty's Revenue & Customs (HMRC) recently issued a winding-up petition for approximately £5million. If this debt had not been paid by 25 June 2007, the club may have been forced into liquidation."