A group of businessmen bought Leeds from the old owners for around £20m and tried to cut costs every way they could.
Even so the club still had a massive debt to try and pay back, and they couldn't bring in enough money to do so.
Leeds were very close to going out of business altogether, but managed to do a special deal with some of the people they owed cash to.
They agreed to pay them some of the money they owed, but not all of it, which at first looks like a bad deal for the people owed money.
But if Leeds had gone out of business they'd have got none at all, so even a bit of what they were owed was better than that.
Even so, Leeds still had to sell lots of top players to pay back what was left of the debt, as well as trying to keep enough good ones to have a team good enough to stay in the Premiership.
But they couldn't get the balance quite right, and were relegated to Division One, now called The Championship.