He said: "If he gets Leeds out of this he is going to be a real superman and I will take my hat off to him."
The year-end figures are due out at the end of the month and there doesn't appear to be much optimism that they will be any better than when McKenzie took over more than six months ago when Leeds announced a club-record debt of £78.9m.
"It doesn't take a brain surgeon to work out these accounts are going to be awful.
"I hope he puts absolutely everything, including the kitchen sick, into these accounts and gets all the bad news out of the way in one fell swoop.
"People have been telling me what a good job he has been doing, but I think we are going to have to wait for next year's figures to assess that. I know they have made a lot of cutbacks and there is perhaps light at the end of the tunnel - it's just that it's a very long tunnel as far as Leeds are concerned.
"Because of the bond I don't know where Leeds can go. I can't see any good news. The club has wonderful, loyal supporters who support them through thick and thin. Yet the team is down at the bottom of the table and it remains touch and go whether the manager is going to be around long term."
The severance pay-outs to former boss Terry Venables and directors Peter Ridsdale, Stephen Harrison and David Spencer certainly won't keep the figures down.