Leeds sold Elland Road last night after ending negotiations with Sebastian Sainsbury's Anglo-American consortium over a £25m takeover.
Chairman Gerald Krasner said that selling the stadium was part of an "alternative strategy" to safeguard Leeds' future, adding that the sale, believed to be for around £10m, was necessary to repay debts.
The consortium, led by Sainsbury, failed to conclude its takeover yesterday, after which the board was forced to sell the ground in order to pay off in full a £9m loan to property magnate Jack Petchey.
Stubbs' lawyers yesterday told the board that he intends to add a further £10m of his own money towards trading expenses.
With the players now Leeds' only real assets, the club will be available for a token fee and debt guarantees.
Chairman Gerald Krasner has described as "categorically untrue" claims that Sainsbury has another week to buy the club.
"Since September 2004 we have been in discussion with Nova and agreed basic heads of terms at that time, subject to proof of funds arriving within 48 hours," said Krasner. "These were not provided and since then Nova has also failed to meet numerous self-imposed deadlines in terms of providing proof of funds."
But Sainsbury retorted: "We have the necessary resources to achieve the buy-back of Elland Road - if this is required - considering the buy-back is along the lines that have been indicated to us. We can now move to a conclusion. Leeds United... will hear from us with a view to completing this deal."