By 5pm yesterday definite bids had been received from Bates and Simon Franks' Redbus Group investment company.
There were rumours that further offers had been made by two separate consortiums.
One is said to be fronted by Adam Pearson, the former Hull City chairman and former Elland Road director, and the other by the former Leeds board member Simon Morris.
However, there were also suggestions that Morris' offer had been combined with Redbus'.
If no bid is deemed suitable KPMG could be forced to close down Leeds, whose debts currently exceed £35m.
It is believed that any bid winner must provide around £5m for the club's creditors before committing a further £15m to future running costs.
Bates, 75, will certainly not go lightly. Stressing his determination to regain control, he yesterday insisted: "We haven't come all this way over the last two-and-a-half years, borrowed and spent all that money, got the club turned round, got rid of all the bad organisation the previous regimes left behind to go without a fight. We honestly believe we have the future of the club at heart and it can go forward under our stewardship."