The reason is simple – in a game where money talks more and more with each passing season, an investment along the lines of the staggering £600m that the Russian oligarch has poured into Chelsea during the past five years is seen as the only way to compete at the very highest level.

It is why Manchester City fans welcomed Thaksin Shinawatra with open arms 12 months ago, a year after Liverpool supporters had given American sports tycoons George Gillett and Tom Hicks a similarly rapturous reception following their own takeover at Anfield.

Public opinion in both cities may have changed since then, but that has not stopped fans of other clubs continuing to dream of their own cash-rich saviour riding into town.

One man who does not prescribe to this theory, however, is Leeds United chairman Ken Bates, whose career in football began almost four decades ago when in charge of today's visitors to Elland Road, Oldham Athletic.

Speaking exclusively to the Yorkshire Post, he said: "I saw a quote recently from (Everton chairman) Bill Kenwright saying that a club needs a billionaire if it is to make it to the Champions League. That is nonsense.

"Look at the clubs who were the most successful in the Nineties – Arsenal, Liverpool, Chelsea and Manchester United. None of those clubs had a big benefactor, they were just well run.

"People see a billionaire as the be-all and end-all. But just look around at the Premier League now and see how all those clubs are doing.

"Liverpool are in disarray, Manchester City in chaos and there is talk of problems at a couple of others. A billionaire is not the answer, running a club properly is.

"There is simply no substitute for running a club like a business and being patient."

After steering Leeds through the wretched summer of 2007 when their very future was in serious doubt, Bates knows more than most the consequences of a club over-stretching itself.

He is, however, keen to stress that this season represents the fresh beginning that United have craved since the catastrophic fall from grace in the early years of the new Millennium.

The Elland Road chief said: "It is a new start. Last season was dominated by the 15 points (deducted) and the financial hangover of going into administration. We also had a change of management. There was pressure throughout the club, often involving things that were well away from the public eye such as having our credit card facility withdrawn.

"It was traumatic for everyone, but now everything is a lot smoother. We have money in the bank, and we are trading profitably and carefully.

"We do still have big burdens to carry, such as the £1.25m it costs to rent Elland Road every year from (Jacob) Adler thanks to the previous board selling it for £8m. But the key factor is our finances are under control."

With the finances on an even keel, United have been able to re-focus on the areas of the club that had been prospering before the financial collapse that followed Peter Ridsdale's tenure.

Bates said: "I am delighted to see the Academy flourishing again. We have five of our homegrown talents in the first-team squad, including the captain Frazer Richardson. Plus, there are a lot of other good ones coming through.

"It is getting back to what made Leeds special in terms of bringing youngsters through, which is how it should be for any club. You only have to look at the talent that left since (Gerald) Krasner's lot took over (in 2004) to see how important the Academy has been – (James) Milner, (Aaron) Lennon, (Alan) Smith, (Matthew) Kilgallon, (Daniel) Rose and (Scott) Carson.

"They all had to leave because of finance. Imagine what sort of team they could have been?"

On the field, United have started this season in impressive fashion with a 2-1 opening-day win at newly-relegated Scunthorpe United being followed by a 5-2 thrashing of Chester City in the Carling Cup first round.

Victory today at home to Oldham would further support Bates's claim that there has been no hangover from last term when the 15-point penalty imposed by the Football League denied United the automatic promotion their points tally of 91 would have earned.

However, even if Leeds do go on to win promotion this time around, it seems the resentment felt towards the Football League will continue to linger for some time.

Bates added. "Relegation is no longer being decided on the pitch in May but at a Football League board meeting in August when they decide to take points off clubs.

"Things like that only add to our determination to get out of this League and into one that is professionally run."