Bates, 73 has long wanted to get back into top-flight footy after falling out with the new regime at Chelsea and resigning as chairman of the Chelsea last March.
Bates is reported as saying: "I'm delighted to be stepping up to the mantel at such a fantastic club. I recognise Leeds as a great club that has fallen on hard times.
"We have a lot of hard work ahead to get the club back where it belongs in the Premiership, and with the help of our fans we will do everything we can."
Ken your are 73 - you and Suzanne should be sitting on your yacht in Monaco, chilling out.
It's only my opinion, but I think there are better investments to make than Leeds.
My two boys could do with a trust fund for their education for instance.
Get in touch, I give you the details.