The Yorkshire club were all but relegated to Coca-Cola League One over the weekend and reports have claimed they could be heading for administration within seven days.

Bates, who insisted he had been "overwhelmed" by the level of support in the last 48 hours, has neither confirmed nor denied the claims but told Yorkshire Radio: "It's beyond my wildest expectations and it's very encouraging and that contrasts with the vultures of the media.

"The piranha fish of the media have been feeding off each other's stories.

"Meanwhile, we're just trying to get on with the business. Today we've been looking at budgets, reviewing our costs and reviewing where we can save money to make sure that next season we're profitable and can improve the team.

"It's encouraging that memberships are still coming in and, what's even more important, we're getting phone calls from people asking when are we going to have season-ticket application forms, we're running late, which is great.

"This is a great club on hard times. We'll be back again sooner or later, but how quickly will depend on the fans.

"But don't forget I was at Bramall Lane when Sheffield United got the winning goal that won them the (old) Fourth Division title.

"Aston Villa, Manchester City, Portsmouth, Southampton, Bolton, Wigan - they've all been in the old Third Division and so have Middlesbrough.

"Little clubs are always little clubs and big clubs are always big clubs. Big clubs fall on hard times, but they always rise and that's what Leeds will do."

Bates revealed the club's wage bill next season will be reduced by "more than half" as they will no longer be paying out £1-1.5million to subsidise former players' wages.

The former Chelsea chairman rubbished reports linking businessman Mike McDonald with a takeover at Elland Road and insisted talks with other possible investors were on-going.

Bates said: "McDonald came to see me around the New Year and I told him to go away and come back with proof of funds and I haven't seen him since, or heard from him.

"These people want to make a quick buck. It's not just Leeds suffering from this, there are quite a few others as well, Manchester City for example.

"These people come along and say they represent a consortium, I've got this, I've got that, I've got the other and we'd like to invest.

"But when you ask who's the consortium they say they can't reveal that. Why not? They haven't got one.

"What they do is try to get permission to negotiate and will then hawk the deal round and that gets in the newspapers and of course it creates a lot of speculation and unrest among the fans and staff who work here.

"The genuine would-be investors, who we are talking to, well you've never heard of them. That's how they do their business. They don't talk in the press they just do it."

Bates was also highly critical of regional development agency Yorkshire Forward and Leeds City Council, to whom he recently turned for help in a bid to buy back the Elland Road Stadium and Thorp Arch training ground.

Bates added: "We're disappointed with the lack of support from Yorkshire Forward and from Leeds City Council frankly.

"But we'll get there and when we're back where we belong we will remember those people who didn't support us.

"Revenge is a dish best eaten cold."