Former Leeds chairman Peter Ridsdale has been cleared of any intentional wrongdoing in the club's catastrophic financial collapse.
The club ran up debts of over £100m between 2000 and 2003 under Ridsdale and former directors Allan Leighton, Stephen Harrison and Richard North.
Their role was investigated by the government's Insolvency Service.
But no evidence of any malpractice was found and there are no plans to initiate disqualification proceedings.
Most of Leeds' debts were racked up in a huge spending spree on players and wages.
Ridsdale infamously declared "United had lived the dream" before quitting the club in April 2003.
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