Leeds manager Kevin Blackwell said his team lacked a spark after watching them lose 3-0 to Watford in the Premiership play-off at the Millennium Stadium.
The Leeds boss paid tribute to the his club's supporters
"It's a terrible place to come and lose and feel as though you've achieved nothing," Blackwell said.
"We lacked a spark and were second to the ball all over the park. We deserved to lose.
"We had efforts cleared off the line but that's what happens in football. We wish Watford all the best."
Leeds have recently suffered huge financial debt but, following Ken Bates' arrival and a successful run in the Championship, the future looks healthier.
"The club has taken a few kickings recently but we'll bounce back and keep building," Blackwell added.
"It's been a good season, but we've come up short in the last game. We've been third, fourth, fifth all season, but on the day, Watford take all the credit and on the day they deserved it.
"This has showed that the club's got some life back into it and we'll be looking to get back into the Premiership as quick as we can.
"We've rebuilt the football club and have become a side that clubs are fearful of. By the time the new season comes round we will be ready to go again."
Leeds striker Rob Hulse is adamant he and his team-mates will bounce back
from the disappointment of defeat.
Hulse told BBC Sport: "Right now I am gutted - we all are. But we are not going to sit around all summer feeling sorry for ourselves.
"We will take a break, refocus for next season and come back stronger.
"We have all just been sat in the changing room as if it was a disaster. But
it wasn't really - we have had a good season to make the play-offs and we
were just beaten by the better side on the day.
"They played well, we had an off-day. Now we have to move on - we just have
to get on with it.
"But I am disappointed for the fans. They stood by us until the very end,
still singing - and we won't forget that."