The club will now finish bottom of the Championship with a maximum of 39 points.
As a result of the development, Hull City now cannot be relegated from the Championship.
Administrators KPMG were called in on Friday afternoon, and immediately sold the club to a newly-formed company led by chairman Ken Bates.
Leeds have debts of around £35million, and need an immediate injection of £10m to continue operating.
"Shortly after their appointment the joint administrators agreed to sell the business and its assets to a newly formed company," read a statement from KPMG.
"This company is called Leeds United Football Club Limited, the directors of which are Ken Bates, Shaun Harvey and Mark Taylor.
"The sale of the club is subject to approval by its creditors, via a Company Voluntary Arrangement (CVA).
"The creditors' meeting, to consider the CVA, will be held before the end of May. The Football League will also need to approve the sale."
The news of the sale came just hours after the Leeds United Supporters Trust told the club it was in a position to make a serious proposal to buy the club.
In recent years the club has sold its Elland Road home ground and its Thorp Arch training ground to cover cash shortfalls, caused by expensive player contracts and its relegation from the Premiership.
By entering administration, the club's finances can be reorganised and some of its debts eliminateda. All football-related debts - money owned to former players and managers - will transfer to the new owners.