The Elland Road club announced on June 26 they had entered an exclusivity period with potential investors but on Tuesday, 84 days later, the situation remains unresolved.
Leeds have only released a statement to confirm that the exclusivity period had ended but talks remain on going.
And on Tuesday, 80-year-old Bates said: "Despite the confidentiality agreement, stories keep appearing with varying degrees of accuracy as evidenced by the statements put out by LUST (Leeds United Supporters Trust).
"That included a TV interview that said a deal was 'imminent'. It wasn't then and is progressing slowly now. In football everybody expects everything now - but the real world is different."
Writing in the club programme ahead of Tuesday night's clash with Hull, Bates added: "The current situation is that as I write, the appropriate documents have not been finalised between the lawyers."
GFH Capital, who are working on the deal on behalf of a Middle Eastern consortium, have sent representatives to one of United's games this season but have not made any comment on the nature of the talks.
Disgruntled Leeds fans have arranged a protest against Bates, who they accuse of putting off-field investments before the purchase of players, ahead of and during Tuesday night's game.
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