When they were doing really well Leeds were earning loads of money.
The club wanted to stay successful, so borrowed more money to make sure they could buy players to have an even better team.
A really successful season can see a club earn more than £25m, but a poor one could see that amount drop to as little as £5m.
That's what happened to Leeds in 2003 when they finished 15th. They stopped earning lots of money and couldn't afford to pay back the money they owed.
They'd spent it on players and were paying those players very high wages.
To try and make some money they sold loads of players like Rio Ferdinand and Robbie Fowler.
But that didn't earn the club enough money, so their debts rose even higher and at one point rose as high as around £82m.