Administrators Ernst and Young are to hold an inquiry into their actions but spokesman Garry Wilson is stressing the difference between 'malpractice and bad judgment'.
"Clearly I do not want to pre-judge what our findings are going to be because we have only just started along that process," he said. "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."
Over 24,000 shareholders lost what they had invested in the club and Leeds may be forced into further cost-cutting measures if they get relegated.
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."