Former Chelsea chairman Bates, often controversial but never inconspicuous to publicity watched The Owls be defeated by QPR and spoke to supporters at the Dial House pub last night.
He wants to put in £10million into Wednesday and make them a force again although is not prepared to pay off around £5million in directors loans.
The club are around £25million in debt, including the loan money the directors have invested, and Bates predicts more hard times at Hillsborough if his proposals are not accepted.
He said: "I was recognised at the game against QPR and I signed a lot of autographs although three guys came up and told me that they didn’t want me to become a part of the club, and everyone is entitled to their opinion, but 3 out of around 400 isn’t bad.
"But what is going to happen to the club as the directors can’t put any more money in and the club could be playing third division football soon. The board doesn’t seem to have a constructive idea between them which is the worrying thing.
"If they came in and said they don’t want me because of the following reasons, the fans will say great because they are getting the full picture, but they haven’t said that they just said they don’t want me, full stop. We know what they don’t want but what do they want?"
He also added that some directors do want him to get involved although some comments what have been made by Dave Allen and co are a little ‘misleading’.
He added: "Three members of the board want me in but Mr Allen is a very dominating character I believe and what he says goes. The club has released a statement that discussions and negotiations are at an end, although to end a discussion you have to start one and there have been no discussions at all.
"The board throughout has been misleading in their statements to the media. I was asked to sign a confidentiality agreement in January although that wasn’t signed until April 5 and as of today I still haven’t seen any confidential information, it has just been obstruction after obstruction hoping I go away I think.
"Dave Allen says he is not going to sell but it is not his club to sell, he has just over 9percent of the shares, the Owls Trust have more than he does and when he says my proposal won’t be in the best interests of the club, the shareholders and the fans, how does he know as he never consults the fans anyway, or the rest of the majority shareholders.
"The board should be looking after the best interests of the club but they want their loan money back, which seems a little selfish doesn’t it?"