Bates leaves Chelsea Thoughts of chairman Ken Allen unimpressed by Bates

The 72-year-old is keen to make a swift return to football after parting company with Chelsea.

"I have a minimum of �10m to invest," said Bates. "I'm 72 and I feel I've got one more challenge left in me and I'd like to take on that here."

Bates said the playing squad needed improving but revealed any investment is dependent on an inspection of the financial situation at the club.

He challenged the current board at the club to make the accounts available for inspection - and made it clear he would not invest until he had seen the club's books.

"No-one's going to put money into a football club without knowing facts," said Bates who criticised the Owls board for failing to provide financial information.

Twenty years ago Chelsea and Sheffield Wednesday were head to head. Chelsea are now in the Champions League, and look where Wednesday are Ken Bates

"The important thing is the position at the bank. There's no point in putting money in the back door to see it go out the back door to the board or to the banks."

Bates claimed that Wednesday are �26.5m in debt, with �22m owed to the bank, and the rest to the directors.

He also outlined that radical changes need to happen at the club.

"First of all the job is to improve the playing squad. I don't think they're going to get relegated but it's not a happy situation for a club of Wednesday's stature."

Bates hinted at a possible change to current manager Chris Turner should he become involved.

Bates won't fail - he'll make sure Wednesday turn things around From Gazman Have your say on 606

He said: "I don't know what I would do about a manager, but I don't know a successful manager who played as a goalkeeper.

"There's got to be some improvements in terms of commercial income, gate receipts and the maintenance of the stadium.

"We really want it to be a 365-day operation rather than a 27-day one. That way the fans will feel part of the club."

"Twenty years ago Chelsea and Sheffield Wednesday were head to head. Chelsea are now in the Champions League, and look where Wednesday are."

Bates pocketed about �18m when he sold Chelsea to Roman Abramovich last year.

He left Chelsea after being increasingly sidelined in the new Chelsea regime under Abramovich and recently-appointed chief executive Peter Kenyon.