Duncan Revie, son of former Leeds United manager Don, has provided the £10m proof of funds required to authenticate a bid for the club.
Revie says there will be a meeting with the club's administrators KPMG on Thursday to discuss the figures before proceeding further.
United are currently in administration with debts of £35m.
"My Middle Eastern backer has upped the pace. Proof of funds have been provided," Revie told BBC Radio Leeds.
He added: "And I would like the fans to know that it is my intention to put Leeds United back where it belongs."
Bates took Leeds into administration before their final game of the season, by which time the Yorkshire side had virtually been relegated into the third tier of English football for the first time in their history.
The business was bought by a new company, Leeds United Football Club Limited, of which Ken Bates is chairman, immediately after going into administration.
But the sale is subject to approval by the club's creditors at a meeting later in May and also by the Football League, while Revie or other consortia could ambush Bates' plans to resume control of the club.
Revie said last week: "I've been staggered by the reaction of Leeds fans to my interest in taking the club back where we belong.
"I've always said they are the most passionate in the country and they've proved me right."
Meanwhile, 30-year-old property entrepreneur Simon Morris stepped up his campaign to take control of Leeds by launching a website for fans to voice their ideas on the best way forward.
Morris tabled a £10m bid for the club and says he will inject a further £25m into the Elland Road outfit.
He said: "Leeds fans deserve a big say in the redevelopment of our club.
"We are sure they will provide a rich seam of schemes and plans. We are very keen to hear from them."
Former Leeds director Morris plans to build a new 50,000-seater stadium.
The 30-year-old has written to Sports Minister Richard Caborn and Leeds MP Colin Burgon seeking a meeting with them to discuss his plans for Leeds.
"We've asked the sports minister and Mr Burgon for a meeting because we're serious about our bid for Leeds United," said Morris.
"We want to give them a full understanding of our position."