Former Chelsea chairman Bates has stated he will make a minimum investment of around £10million and totally change around the club which is now in the doldrums of the second division.
The current chairman Dave Allen, Dennis Hobson's consortium and Bates have all been involved in a three-way tug-of-war recently regarding potential ownership of Wednesday.
Bates told a press conference at the Hilton hotel this morning that Wednesday's fall from grace is a 'tragedy', the reserve team should move away from Hillsborough, another relegation may not be a possibility and perhaps Chris Turner should not be manager.
He said: "20 years ago Wednesday and Chelsea were head to head. I think Wednesday's plight is a tragedy. I have a minimum of £10million to invest. I have the support of the Owls' trust (who own a percentage of the club's shares) .
"The first job is to improve the squad, because it's just not good enough. I think they are going to get relegated. I'd like to review the whole management structure on and off the field.
"I want to improve the facilities so that the fans feel like it's their second home. I think there is a gap between the board and the fans and that needs to be closed."
On Turner, he said: "I don't know a successful manager who played as a goalkeeper," in regards to future changes at S6.
Bates does want to improve The Owls, for that there is no doubt, although he still wants to be on the FA council, and being part of a football club would be the only way he could do that.
The current directors who have put in their money into the club will be wanting some back, and Allen has already said that some of the players he has funded with either transfer fees or wages were loaned to the club by himself.
It would still leave the club in a huge amount of debt, although forward steps will be made.
Meanwhile Chris Carr should make his move to Hillsborough today while Lloyd Owusu is set to complete his move to Reading.