The club ran up debts in excess of £100m between 2000 and 2003
Leeds United is looking to draw a line under its financial difficulties after the club announced a £4.5m profit.
In the 14-month period to July 2008, the books show before player trading the club made an operating profit of £902,000 from a turnover of £23m.
The board now wants to repurchase the Thorp Arch training facility and Elland Road within the next 12 months.
The club ran up debts in excess of £100m during the troubled chairmanship of Peter Ridsdale.
The Elland Road stadium and the training complex were sold during the financial meltdown in order to help keep the club afloat.
But Leeds United shed its debt when it went into administration in 2007.
In a statement, the League One club said: "The directors of Leeds United Football Club Limited are pleased to be able to confirm that the audited accounts for the 14-month period to 30 June 2008 show a profit of £4,553,000.
"During the period the club made an operating profit before player trading of £902,000 from a turnover of £23,249,000.
"On the field the club are seeking to gain promotion to the Championship at the earliest possible opportunity and to continue strengthening the club's academy.
"Off the field, the directors have identified the repurchase of both the Thorp Arch training facility and Elland Road as a priority within the next 12 months.
"We are also seeking to gain consent for the development of the East stand of the stadium to both increase income generated by the club on non-match days and improve match day facilities for fans."