Clarke was manager at Elland Road 21 years ago when The Whites were relegated from Division One.
He said in the Sunday Mirror: "I was the manager who took Leeds down the last time and that was the saddest day of my life.
"But if it happens this season it would be far more disastrous than when we went down with me. Back in 1982 we weren't £80m in debt. How long does it take to pay off £80m?
"It took Leeds a long time to get back up, eight years in fact, but it could take a lot longer this time.
"I've never known a club in as much debt as Leeds. It's just unforgiveable what the people who got us into this mess have done."