Ridsdale, now in control at Barnsley, has been blamed for the mess at Elland Road which forced the Plc into administration, although the football club has been salvaged.

The administrators for the Plc are about to embark on an inquiry into the actions of the previous board.

But Garry Wilson, a spokesman for administrators Ernst and Young, claimed there was “a difference between malpractice and bad judgement”.

He said told Sky Sports: “My job first of all is to explain to the shareholders what has happened and the first thing, unfortunately, I have had to explain to is that they are not going to get any money.

“I know the vast majority of the 24,000 shareholders are supporters and I hope they do take some comfort from the fact that the football club has been saved.

“Clearly I do not want to pre-judge what our findings are going to be because we have only just started along that process.

“But one thing to stress is that there is a difference between malpractice and bad judgement. What we have seen at Leeds is that the gamble that was taken for Champions League football did not pay off and that has resulted in the very heavy losses that the group have incurred.”

Leeds are still battling to avoid relegation from the Barclaycard Premiership and, even after a rescue package put together by the new owners, it is expected some of their star players will be sold in the summer whether they avoid the drop or not.

Eddie Gray’s men, desperately trying to haul themselves towards safety and boosted by Monday’s dramatic home win over fellow strugglers Leicester, face crucial Easter clashes against Blackburn and Everton.

Supporters club spokesman Ray Fell said: “There is a regret among fans that the club can get into this position and the people who put it there can walk away to other clubs.

“Perhaps as a supporters club we have a responsibility to go to our federation to talk to the FA to see that this kind of thing is examined closely to have some sort of rules and regulations laid down to stop it happening again.”