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Don't think you can. The only way of getting rid of last seasons point reductions (Juventus, Milan, Fiorentina, Rotherham etc) is by making an entire new team, and putting in all of that teams information.
As toweelys said yuou can remove them by creating a new team and then moving all players into that team, making the new team the same name etc etc....
What you could do is reverse engineer it.... use the exsisting teams that have negative points...eg juve. and rename then, move them to the correct league, remove the players and move the leeds players into that team, therefore creating a team with neg. points...
Its hardcoded so that the original penalised team and division they were originally in have to match up otherwise the deduction disappears, e.g. Juventus don't have the deduction in Serie A because of the division change.
grff is correct, it doesnt work. even if you could use an old team who was deducted points and rename them leeds, the ID would give leeds the badge/kits etc of the club it replaced