"This is not the end of the pain," Gerald Krasner, Leeds' new chairman, told reporters earlier today.
He would give no indications about the future of caretaker manager Eddie Gray or any player.
"We came off life support on Friday and we are now in recuperation. We need three to four years to calm everything down to consolidate and repair the damage."
Asked about players such as Alan Smith and Mark Viduka, Krasner said: "I'm not giving any assurances on individuals, we have put in a figure for player sales if we retain premier league status and a different figure if we are relegated."
Leeds legend Peter Lorimer, who has joined the new board, said of the club's recent past: "Everyone was talking about how Leeds would be the team to go into the new century, who everyone thought would be a power in the UK and in European football.
"It was amazing how quickly our team became a laughing stock. We have been in the bottom three most of season, almost bankrupt and the club in my opinion has been guilty of gross mismanagement."
Krasner said the club had been facing extinction. "This club was totally insolvent. It would have gone into administration and the administrator would have had a duty to get the best price possible for the ground.
"On Friday it moved from insolvency to solvency and Elland Road will continue to be the home of Leeds United football club as long as I'm chairman."
He said prior to the deal the total debt was just over £100m, but that debt had undergone dramatic surgery, with an "eight figure sum" chopped off.
Players, who agreed to defer their wages to help the club's survival bid last month, would now be paid in full until the end of the season, but Krasner said the overall wage bill would have to be "sorted".
He said the new directors had developed three strategies for the club's future, depending on Leeds' status at the end of the season.
The future of the players on the club's books would be decided according to that status. "There are a number of players out of contract at the end of the season. We have looked at it and we will slim down the overall size and live within our means," said Krasner.
"The wage bill will have to be sorted and the level will be determined by which strategy we adopt."