Leeds are trying to cover the shortfall created by the loss of the parachute payments they received for two seasons after their relegation from the top-flight in 2004.
The club are also continuing to pay off a number of agreements with former players.
Leeds' finances restricted the movements of Kevin Blackwell during the summer transfer window, and Blackwell admitted this week that he is lacking funds to even supplement his squad with loan signings.
Bates has admitted in the past that he would welcome outside investment, particularly from local businesses, but was quick to play down talk of the consortium's intentions.
Bates said in the YEP: "We would always be sceptical of people who make their intentions known through the papers rather than contacting us first."
The group is being led by Andrew Newdall, a north Leeds property developer who runs taxi company Premier Taxis, although the names of the other four members have not been revealed.