Richmond was present at the first Leeds fans' forum conducted by Leeds chairman Gerald Krasner.
Supporters questioned Richmond's involvement as an advisor to the group, as well as that of his son David.
A number of fans made reference to the fact Richmond, as former Bradford City chairman, was in charge when they went into administration with debts of £36m.
Richmond defended himself by stating: "I have taken a lot of flak tonight. I was born in Leeds and lived in Leeds all my life. I am not a fanatical Leeds United supporter. The team I love is Bradford City, but I want this club to live and survive and get back to its glory days and under Gerald as chairman and with the backing of the fans, I am sure it will.
"I am not an asset stripper, not remotely," he added. "When this consortium approached me I was invited to join, but I have some financial problems and I am not in a position to invest.
"I would love to have done so, but they [the board] understand I cannot, so they instead asked me for advice, which I was willing to give. I initially thought I would be giving up a few hours of my time, but it became day after day, and without that input this deal wouldn't have happened.
"It's a fact this club would have gone into administration without that input."