Massimo Cellino has outlined his ambitions for the club and says that he intends to increase the wage bill in order to bring players to Elland Road this summer.
The United chairman, who rejoined the board a month ago following Football League approval, has also spoke for the first time since the appointment of head coach Uwe Rosler.
“People told me Leeds was a sleeping giant, but when I came here, the giant was dead,” he said in an interview with the Daily Mirror.
“So why did I choose Leeds? I bought Leeds because I know they are better than many Premier League clubs.
“I could have bought Premier League clubs for less money than I am spending at Leeds - I want the fans to understand that.
“When we go into the Premier League, we will go into the Premier League to get to the Champions League. We will not go into the Premier League to pay our debts. We will not go into the Premier League to be relegated.”
On the club’s financial situation, he added: “When I first came in, I had to pay £5million just to keep the club going.
“By the end of last season, we had lost £22million. Now the forecast is that we are close to break even.
“We also had big wages last year. Nearly £21m in wages and we had an average age of 29.
"Now we have brought it down to £10.5m, but we have to attract new players, so it will go up to £13m and the average age is now 23.”
Rosler took charge last month after penning a two-year deal at Elland Road, and Mr Cellino says the former Wigan and Brentford boss fits the bill perfectly.
“I wanted someone who is a good, experienced coach in the Championship,” he said.
“Uwe is German, but he knows England and how to get foreign players used to playing here.
“He’s a very well-organised guy. He suits my mentality because I like to have control of everything.
“A coach with good potential can realise his potential if the club is strong to look after him. If you leave him alone too much, it can kill him.
“Why does he have to buy? He should propose [deals to the owner]. That is the big mistake they make in England.
"We have to work together, we share the responsibility. If we choose a player together and we make a mistake, it is our mistake, not his.”