The Elland Road club were put up for sale on Friday by administrators KPMG after the Inland Revenue launched a legal challenge to Bates' original plans to buy back the club from administration.

And former Chelsea chairman Bates is looking forward to taking the club forward as they prepare for their first ever season outside of the top two divisions after KPMG agreed to sell United to Bates today.

He claimed on Sky Sports News: "It's a sense of achievement and a challenge.

"Leeds were in a mess when we took over - the Peter Ridsdale era and the last board were incompetent.

"But now we've got a clean start and a clean sheet of paper.

"It's a big club - it's not at the moment but it will be - and we can take it forward.

"And part of the reason why we're going to succeed is because these Leeds fans are absolutely magnificent.

"99% of the letters and e-mails are supporting us and that's not bad. That's as good as Saddam Hussein did and he was fiddling the figures."

Bates admitted the chaos surrounding the club's future had prevented manager Dennis Wise signing players as he prepares for an assault on League One.

Wise's side have been prevented from signing players due to the terms of the club's administration and Bates believes potential targets have signed for rival clubs as a result.

He explained: "Dennis had a shopping list and one of the results of the delay - so thank you everyone who has given us grief - is that a number of players Dennis had lined up have now signed for other clubs because they didn't have a job.

"They had mortgages to pay but they joined other clubs even though they wanted to come to Leeds.

"But there are still plenty there and we're satisfied and confident that we'll build a strong enough team to be at the top of the league rather than mid-table."

Bates refused to put a timescale on returning to the Premier League while Football League chiefs prepared for a meeting to decide whether they will even be allowed to kick-off against Tranmere on August 11.

Bates said: "You can't have plans in football.

"I remember someone at Chelsea saying that we couldn't go up because we weren't ready for it.

"You go up when you can - not when you want to. Our plan is to win every match next season, which we won't - but that's the target.

"Get into the Championship and then the target is to win every game in the Championship, which we won't, and hopefully we'll get back into the Premiership sooner rather than later."

However the Football League had warned KPMG that they would not allow Leeds to start life in League One if they were sold without a Company Voluntary Arrangement (CVA) in place - and that uncertainty hangs over Elland Road.

Football League spokesman John Nagle tonight told PA Sport: "The Football League meet tomorrow and will discuss all matters relating to Leeds United's administration."

Details of the joint bid by property developers SR Morris Group and acquisitions specialists Redbus Group amounted to a commitment of more than £40million by the two companies, according to Simon Morris.

The figure comprised an unconditional bid of £15million and a £5million bonus payment when the club returned to the Barclays Premier League, plus £20-25million invested over the next two and a half years to bring in fresh talent to the club.

Morris said: "We have shown great commitment, and there is no doubt Leeds need massive capital investment.

"The club would not be where it is today if it had been adequately funded.

"We feel disappointed for the club, the fans, and the city of Leeds."