Ken Bates has today regained control of Leeds after a recount of votes taken at last week's creditors' meeting confirmed his offer to buy back the club had been accepted by the slimmest of margins.
Leeds' administrators KPMG were forced to adjourn a stormy meeting on Friday after deciding a recount was required to decide the club's immediate future.
Some creditors argued Bates' offer to pay back money owed by Leeds was not the best on the table and claimed other parties interested in buying the club had not been given a fair chance.
Bates, who placed Leeds in administration with debts of £35million on May 4, required 75% of the vote to have his offer of 1p in the pound accepted by creditors and the original count on Friday showed he had 75.02%.
There were 27,178,255 votes in favour of Bates and 8,965,174 against giving him 75.20% of the vote.
A statement from Leeds' administrators KPMG read: 'Following the Leeds United creditors meetings that have taken place on Friday, June 1 and Monday, June 4, the administrators of Leeds United AFC can confirm the result of the vote on the company voluntary arrangement (CVA) proposal to sell the club to a newly-formed company, Leeds United Football Club Ltd.
'Creditors have approved the CVA proposal, which means, subject to Football League and Football Association approval, the business and assets, including players, of the club will transfer to Leeds United Football Club Ltd, the directors of which are Ken Bates, Shaun Harvey and Mark Taylor.
'The CVA proposal was approved by 75.20% of the creditors who voted, by value. It required 75% of the vote.
'The creditors will receive an initial dividend of 1p in the pound, with a substantial additional dividend to follow in the event that the club regains Premiership status within five seasons.'
Richard Fleming, joint administrator and KPMG restructuring partner said: 'I'm satisfied that in voting to accept this CVA proposal the creditors have approved a solution that allows the club to plan ahead for next season; reduces uncertainty for all those with an interest in Leeds United; provides some return for creditors and avoids liquidation.
'Leeds United Football Club Ltd must now seek approval from the Football League and can begin to rebuild for next season.
'The supervisors can also begin the process of agreeing creditors' claims for dividend purposes.'