"The clock is ticking on Leeds very, very fast and it is becoming harder and harder to see how they can avoid administration."
Chairman professor John McKenzie will come under criticism at the AGM after the accounts revealed he has been paid £300k-a-year in advance up to September 2004.
He is receiving an annual salary of £100k and £200k-a-year for consultancy fees.
A bemused Gerrard said: "This is absolutely disgraceful and even though Leeds are about to go belly up, he's made sure he's got his money out of the club."