At 3.15pm on Friday afternoon, Leeds United Association Football Club Limited was placed into Administration. Richard Fleming, Mark Firmin and Howard Smith of KPMG were appointed as Joint Administrators.
The appointment will result in the immediate deduction of 10 points from the Club's current points tally in the Championship pursuant to the Regulations of the Football League. This means that next season the Club will play in League One, but with no further points deducted.
Shortly after the appointment of the Administrators, the business and assets of the Club were sold to a new company Leeds United Football Club Limited (Leeds) whose investors have been introduced by Ken Bates. The sale is subject to creditor and Football League approval before the beginning of the new season.
In the meantime Leeds will complete its season at Derby on Sunday and will continue to operate it's conference and banqueting and retail businesses as normal.
Ken Bates Chairman of Leeds United Football Club Ltd said: "The financial burden of the past finally pushed the club into Administration following the issuing of a winding up petition by HM Revenue & Customs who will be one of the Company's major creditors.
"The other parties who will suffer the biggest financial loss are institutions from which the Board arranged funding, Astor Investment Holdings, Krato Trust and Forward Sports Fund who collectively will lose in excess of £22.0m.
"The shares in Leeds United Football Club Limited are owned by Forward Sports Fund who would welcome serious investors to help make this club financially strong again so that we can mount a challenge to firstly gain promotion from League One and ultimately arrive back in the FA Premiership.
"Since January 2005 we have sought additional investment and have followed up every approach received but refused to deal with unnamed consortiums represented by third parties, if indeed they ever existed. To avoid timewasters we have always required proof of funds first, whereupon they often disappear.
"The action taken brings to an end the financial legacy left by others that we have spent millions of pounds trying to settle but the important thing now is not to view this as the end, but the beginning of a new era.
"It is my intention to contact all the clubs members to tell them of our plans going forward and season tickets will soon be available. The club is staying at Elland Road.
"We must unite together behind the club and take on all those in front of us."
Unlucky to be honest.