Months of uncertainty over the Elland Road club's future were seemingly ended when administrators KPMG announced Ken Bates' consortium had bought back the club for an undisclosed sum.
But KPMG's decision to sell the club outside of a Company Voluntary Arrangement (CVA) could have grave consequences for Leeds' future in League One.
KPMG took the decision to sell outside of the CVA drawn up back on June 1 after the Inland Revenue appealed over the £7.7million it is owed in unpaid taxes on Friday.
The administrators realised that the uncertainty over the club's future would then continue until September and decided to sell outside of the CVA in order to tie up a prompt sale.
But the Football League had warned KPMG that it would not allow Leeds to start life in League One if they were sold without a CVA in place and that uncertainty hangs over Elland Road.
A statement from KPMG said: "Subsequent to the Inland Revenue's challenge, we have kept both Her Majesty's Revenue and Customs (HMRC) and the Football League fully informed in order that both parties could continue to consider their respective positions.
"The Football League made it very clear to the administrators that it would not consider the transfer of the 'football share' [permission to play in the competition] to a new entity without an implemented CVA, except in exceptional circumstances. The League does not consider such circumstances currently apply to Leeds United.
"It has not been possible to reach agreement with the Football League on any workable basis that would enable the administrators to sell the club with the benefit of the 'football share' in the short term."
Football League spokesman John Nagle said: "The Football League meets on Thursday and will discuss all matters relating to Leeds United's administration."
Joint administrator Richard Fleming said: "We understand this has been a difficult time for all those concerned about the future of Leeds United.
"This deal is a necessary step if the club is to have a chance of playing in League One in the 2007-08 season. We wish the club well in its endeavours to secure a transfer of the 'football share'."
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