Leeds United chairman Massimo Cellino apparently wants £30 million to sell the club.
Cellino, who bought Leeds in April 2014, has agreed in principle to sell his share in the club to the supporters' group, as reported by BBC Sport last month.
“Massimo has agreed to sell to us, as he describes at cost of the money that he has put into the club," Thwaites has told BBC Radio Leeds.
"If we look at company’s house, it is £30 million or so. There might be other agreements and others investments that will be found in due diligence, and this is all auditable.”
Leeds are struggling in the Championship at the moment, and there is a danger that they could get relegated to League One at the end of the season.
The Whites are 19th in the league table at the moment with 13 points from 14 matches, just three points above the relegation zone.
The West Yorkshire outfit have kept fewer clean sheets than any other Championship team so far this season (1).
Leeds will take on promotion-chasing Cardiff City at Elland Road in the Championship this evening.
The former Premier League outfit are winless in their last 16 league encounters with the Bluebirds, losing 11 and drawing five.