The city side finished fifth in their group after toppling the top two and only the top four go through to the knockout stages.
But a 5-4 win in Leeds to follow an exciting overtime win over Sheffield on Saturday at least gives Phantoms some momentum going into the start of the National League season next weekend.
Last night’s game got off to the worst possible start for Phantoms, with Brandon Whistle firing home an early opener for the Knights.
And things got worse on 9:28 when Kieran Brown was released one on one by Joe Coulter and Brown applied the finishing touch past Phantoms goaltender Jordan Marr.
But Phantoms grew into the game as the period went on and got on the board through Duncan Speirs, who tapped home a power play goal.
Joe Gretton then went toe-to-toe with Bobby Streetly, in a bout which went down as a draw.
And seconds later, Jarvis Hunt levelled the scores with an absolute peach to beat Sam Gospel in the Knights’ net and send the sides into the first break all square.
Phantoms hit the front for the first time in the game through Czech forward Ales Padelek, who struck an absolute bullet into the back of the net.
But their joy was short lived as the Knights struck straight back, with Ben Solder being left all alone to fire home a leveller for the hosts.
And Padelek was at it again with five minutes played in the third, capping a fine scoring weekend for himself to put the Phantoms 4-3 ahead.
Phantoms continued to push and Hunt picked up his second of the night with just under nine minutes to play, giving the city side a two goal cushion against the only unbeaten side in the league.
Kieran Brown notched Leeds’ fourth to set up a nervy finale, and for the second night in a row Phantoms rode their luck in the final minute – with the Knights having a goal washed out with 15 seconds to play.
00:46 (LK 1-0 PP): #86 Brandon Whistle/#27 Cole Shudra (EHG)
9:26 (LK 2-0 PP): #12 Kieran Brown/#9 Joe Coulter/#55 Ross Kennedy (EHG)
30:58 (LK 3-3 PP): #96 Ben Solder/#27 Cole Shudra/#86 Brandon Whistle (EHG)
55:27 (LK 4-5 PP): #12 Kieran Brown/#88 Adam Barnes / #86 Brandon Whistle (PPG)
11:30 (LK 2-1 PP): #38 Duncan Speirs/#2 Tom Norton/#72 Glenn Billing (PPG)
14:32 (LK 2-2 PP): #96 Jarvis Hunt/#21 Luc Johnson/#13 Morgan Clarke-Pizzo (EHG)
30:39 (LK 2-3 PP): #93 Ales Padelek/#72 Glenn Billing/#25 Billy Thorpe (EHG)
45:00 (LK 3-4 PP): #93 Ales Padelek/#2 Tom Norton (PPG)
51:01 (LK 3-5 PP): #96 Jarvis Hunt/#13 Morgan Clarke-Pizzo (EHG)
Knights man of the match: #86 Brandon Whistle
Phantoms man of the match: #96 Jarvis Hunt