Rotherham will begin the 2006/7 season minus 10 points after creditors agreed to a Company Voluntary Agreement which has saved the club from going under.
The League One side could have faced liquidation if an agreement had not been reached.
Chairman Denis Coleman told the club's official website: "We were confident we would be able to secure the decision.
"It's the only way Rotherham United have a future, the alternative was liquidation."
A group of Rotherham businessmen, headed by Coleman, presented an investment package last month that the club had hoped would head off their financial crisis.
But with the club's position worsening after the Inland Revenue issued a winding-up petition, the Millers moved for a voluntary arrangement to avoid going out of existence.
Football League spokesman John Nagle said: "Having agreed a CVA enabling it to reduce its debts Rotherham United have been served with a Sporting Sanction of 10 points.
"It will take effect from the beginning of the 2006/07 season. The club has seven days to lodge an appeal with the League."