But Bates told the Daily Mail: "What happened at Portsmouth was another horrible joke. But I've lost count of the number of people I've met who say they represent the brother or a cousin of some sheik or a sultan who plans to bring me untold millions.
"I always say 'oh yeah?' then bring me proof of identity and gold-plated guarantees for cash, not some scribbled note from a financier friend. They always disappear. I know the Glazer family gets an almighty slagging at Manchester United, but to be fair to them they have never interfered,' says Bates.
"They have let the football people get on with it - Sir Alex Ferguson and his management team and also David Gill in the boardroom.
"But does their debt look like a reasonable proposition? The answer is 'no' - not from where I'm standing. They used the assets of the business to buy it, which is what the Yorkshire consortium at Leeds before I took over.
"They borrowed the money on horrendous terms, because they didn't think Leeds were going to get relegated - and they did - and then they panicked.
"They sold the ground for £8m - and agreed a repurchase price of £15m. They sold the training ground for £3m and the re-purchase price was set at £5m. There are things that still need to be cleared up."