Ken Bates has called on the City Council to splash the cash or "it is goodnight Vienna" for Leeds United.
Chairman Bates will not walk away from the club he rescued from going bust but he claims the Council should offer more support.
Bates said: "Leeds United have reached a turning point in their history. The consequences of the Ridsdale era are in the past.
"Now we can begin to go forward. There are plenty of would-be investors sniffing round Leeds United.
"It could be tempting to take the money and run. That possibility is not in the mind of my wife Suzannah or myself.
"We are here to build not just Yorkshire's number one club but one which will compete and take on the so-called greats, including Chelsea and Abramovich's millions. The missing piece in the jig-saw is Leeds City Council.
"They say it is important for the city of Leeds that they have a high-profile soccer club which will bring far more publicity than rugby or cricket. However, the Council cannot use rate-payers' money to support Leeds United.
"My advice to Leeds fans is to put as much pressure as possible on the local Council's representatives to support our plans, otherwise it is goodnight Vienna."
United, fourth in the League One table, play at Cheltenham on Sunday afternoon and a victory could take them top if other results go their way.
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