Bates has rejected two bids for another Leeds youngster, Fabian Delph
Leeds United chairman Ken Bates insists the club should be compensated after 16-year-old left-back Luke Garbutt signed for Premier League Everton.
Bates told the club website: "We are dissatisfied. The days of nicking Leeds players and paying peanuts are over.
"We are determined to be adequately compensated for the work we are doing in our academy.
"We are chasing the matter with the Football League and the Premier League and seeking substantial compensation."
An Everton spokesperson told BBC Radio Leeds: "We are in talks with Leeds and the Premier League about the transfer of Luke Garbutt.
We decided to go on the front foot and let our fans know [about the bids for Fabian Delph] instead of reading about it [elsewhere]
Ken Bates
"We cannot discuss figures but we expect the matter to be sorted next week."
Everton and Aston Villa have made no comment, meanwhile, about speculation linking them with Leeds midfielder Fabian Delph, who has been the subject of two offers from unnamed Premier League clubs, both rejected by Bates.
The chairman explained the club's decision to release a statement about the bids on Thursday, following another day of intense media speculation about Delph's Elland Road future.
Bates said: "We decided to go on the front foot and let our fans know instead of reading about it [elsewhere].
"Our response is we have received two bids and they have been rejected."
Bookmark with:
What are these?