Former Leeds chairman Gerald Krasner believes investors interested in Leeds may have to join forces to launch a successful bid for the club.

Although they will be playing in League One next season, the potential of transforming the Elland Road outfit has seen a host of possible investors contact Krasner.

"My phone's been red hot," he said on BBC Five Live's Sportsweek programme.

Chairman Ken Bates placed the club in administration on Friday before agreeing immediately to buy it back although the deal is yet to be approved by the club's creditors or the Football League, buying time for other consortiums to form a bid.

"I don't think it's a forgone conclusion," said Krasner. "A lot depends whether these people who have expressed interest are prepared to come forward and possibly join forces to make a really good offer.

"If we get to a creditors meeting and their offer is higher than Bates', I would find it very difficult how creditors could vote against the better offers.

"They are from all over - two or three locals ones, one American, a possible Russian and there is talk of an Irish. I think there are some serious players in town.

"I think they see that who controls Leeds, with the supporters they've got, if they inject the necessary money and get it right on the field then Leeds in three or four seasons could be on the way back to where they were.

"I think it's a cheap way of (eventually) getting into the Premiership."

Former Leeds boss Howard Wilkinson believes Bates can lead a turnaround at Elland Road if he demonstrates commitment to the club.

"Leeds is typical of a lot of clubs characterised by instability and, as a result, inconsistency," said Wilkinson, who guided Leeds to the title in 1992.

"I think Ken Bates is the man to take it on if he's got the will and the commitment and if it's for the right reasons."