"We have put in an offer of considerably more than the 8p bid by Bates," said Franks. "We are the only UK group bidding for Leeds for its football abilities. Unlike other bidders', ours is not a property deal. We believe that Leeds is a top-10 team and its rightful place is in the Premiership."
Franks's group has £35m at its disposal and, after paying off creditors the sums required to take control of the club from the administrators, would commit the remainder to player wages and transfer fees rather than to the buyback of the freeholds at Elland Road and the Thorp Arch training ground.
"With a tweak of the way the club is run we can get Leeds back to its former glory," said Franks. "Our interests are utterly aligned with those of the fans.
"Leeds will survive, whatever happens here. Bates is trying to protect his interests but it's an unfair tactic to say it faces liquidation. He shouldn't play with the emotions of the fans."