The Football League have confirmed Leeds United's place in League One for next season, but have imposed a massive 15-point penalty on the crisis-torn Elland Road club.
The League have chosen to take a strong line due to Leeds chairman Ken Bates' approach to the club's huge debts, with the club failing to agree a Company Voluntary Arrangement (CVA).
A statement from the Football League read: "The Football League Board agreed that, notwithstanding the manner in which this administration has been conducted, the club should be permitted to continue in the Football League.
"Consequently, the board has decided to make use of the 'exceptional circumstances' provision within the League's insolvency policy for the first time and agreed to transfer the club's share in The Football League to Leeds United 2007 Ltd. Accordingly, the club's share has now been transferred.
"However, it is acknowledged the club did go into administration and has been unable to comply with the terms of the League's well-established insolvency policy.
"As a result, the board determined this transfer of membership should be subject to Leeds United having a 15-point deduction applicable from the beginning of the 2007/08 season.
"Leeds have subsequently lodged an appeal against this sanction, which will be heard at a special meeting of all League clubs, to be arranged in due course."