Despite the departure of 10 internationals during the previous year, Leeds still nurse debts of £83m and were vulnerable to offers for their remaining assets.
England goalkeeper Paul Robinson was a target for Spurs, following the departure of Neil Sullivan to Chelsea. Newcastle United wanted Alan Smith and Inter Milan offered to sign Mark Viduka on loan.
Peter Reid is now optimistic that a squad he describes as "the new Leeds United" can hold their own this season.
Having juggled his finances, he has been able to recruit eight new players, including Brazilian World Cup winner Roque Junior and Cameroon midfield player Salomon Olembe.
Reid told the Yorkshire Post: "Looking at it from the point of view of the fans, there have been too many international players leaving this club over the last year. The good thing now is that we have seen some international players coming in."
Roque Junior, Olembe, Cyril Chapuis, Didier Domi, Lamine Sakho and Zoumana Camara are all on loan until next summer while Arsenal winger Jermaine Pennant is at Elland Road for the next two months.
Only former Chelsea midfield player Jody Morris has joined the club permanently.
"Of course, I would like to buy players if I had the opportunity, but I am not going to start moaning," said Reid. "Doing loan deals is just the way football is right now, particularly for Leeds United in our financial position.
"I don't think we will ever see the likes of Chelsea and Manchester United getting in loan players, but we all have to do things differently.
"I am pleased with what I have been able to do in the transfer market. The loan system has given me a chance to change things round.
"There is a lot of hard work ahead and a long way to go, but the signs are already there that we are on the right lines," he added.
"The biggest positive is the spirit among the players, it is fantastic with everyone playing their part. It is like a new Leeds United."
England goalkeeper Paul Robinson was a target for Spurs, following the departure of Neil Sullivan to Chelsea. Newcastle United wanted Alan Smith and Inter Milan offered to sign Mark Viduka on loan.
Peter Reid is now optimistic that a squad he describes as "the new Leeds United" can hold their own this season.
Having juggled his finances, he has been able to recruit eight new players, including Brazilian World Cup winner Roque Junior and Cameroon midfield player Salomon Olembe.
Reid told the Yorkshire Post: "Looking at it from the point of view of the fans, there have been too many international players leaving this club over the last year. The good thing now is that we have seen some international players coming in."
Roque Junior, Olembe, Cyril Chapuis, Didier Domi, Lamine Sakho and Zoumana Camara are all on loan until next summer while Arsenal winger Jermaine Pennant is at Elland Road for the next two months.
Only former Chelsea midfield player Jody Morris has joined the club permanently.
"Of course, I would like to buy players if I had the opportunity, but I am not going to start moaning," said Reid. "Doing loan deals is just the way football is right now, particularly for Leeds United in our financial position.
"I don't think we will ever see the likes of Chelsea and Manchester United getting in loan players, but we all have to do things differently.
"I am pleased with what I have been able to do in the transfer market. The loan system has given me a chance to change things round.
"There is a lot of hard work ahead and a long way to go, but the signs are already there that we are on the right lines," he added.
"The biggest positive is the spirit among the players, it is fantastic with everyone playing their part. It is like a new Leeds United."