We consider differential equations with quadratic right-hand sides that admit two quadratic first integrals, one of which is a positivedefinite quadratic form. We indicate conditions of general nature under which a linear change of variables reduces this system to a certain 'canonical' form. Under these conditions, the system turns out to be divergenceless and can be reduced to a Hamiltonian form, but the corresponding linear Lie-Poisson bracket does not always satisfy the Jacobi identity. In the three-dimensional case, the equations can be reduced to the classical equations of the Euler top, and in four-dimensional space, the system turns out to be superintegrable and coincides with the Euler-Poincaré equations on some Lie algebra. In the five-dimensional case we find a reducing multiplier after multiplying by which the Poisson bracket satisfies the Jacobi identity. In the general case for n > 5 we prove the absence of a reducing multiplier. As an example we consider a system of Lotka-Volterra type with quadratic right-hand sides that was studied by Kovalevskaya from the viewpoint of conditions of uniqueness of its solutions as functions of complex time. Bibliography: 38 titles.