The former England defender has suggested that the Whites should look to emulate one of their Championship rivals.
Trevor Cherry has suggested that he would prefer to see Leeds playing in League One but being run by local owners rather than what is happening under current president Massimo Cellino, the Yorkshire Evening Post reports.
Since the Italian took over, although the finances appear to have become much more stable than under previous ownership (via Yorkshire Post), his ruthless manner when it has come to managers, rumours regarding his input in team selection and his bizarre superstitions are just some of the things that have arguably turned the Whites from sleeping giants into something of a laughing stock.
And ahead of the side's clash with Yorkshire rivals Huddersfield this weekend, Cherry - who played for both sides and was part of Leeds' title-winning squad of 1973-74 - believes that the way that the Terriers are run by Dean Hoyle should be the blueprint for United, even if it means that their fortunes on the pitch suffer initially.
"Looking at Dean, he has a real feeling for the club and is steady," he told the Yorkshire Evening Post.
"He's a local man who leaves other people to do the job, which is what you need. I am getting older now, but he's the best chairman I have ever known at Huddersfield by a long way.
"Leeds just need some local owners for me, even without the big money. To be perfectly honest, I'd rather see Leeds go down a division, but have a decent carry-on."
While it would be a huge setback if Leeds were to fall into the third tier once again, and would surely mean that their promising players - the likes of Lewis Cook, Alex Mowatt and Charlie Taylor - would move on, history would suggest that there would be some positives, too.
Firstly, teams like Norwich and Southampton have proved that it is possible to go from League One to the Premier League in two seasons. They used their time in the division to create a side that was not only about going back up to the Championship, but also progressing further without massive changes.
Secondly, the Leeds side that had the most potential to get the club back to the top flight - other than perhaps this current team, given the cluster of exciting youngsters that have come through - was the one that Simon Grayson took up from League One in 2010 as he was able to give unproven talent a chance against a lesser standard of opposition.
The likes of Jermaine Beckford, Luciano Becchio, Robert Snodgrass, Jonny Howson, Bradley Johnson and Max Gradel all went on to play in the Premier League after leaving the club, which suggests that if the ownership had been right on that occasion also, United may have been able to get the promotion that has continued to elude them for 12 years.
And that should give the supporters confidence that if, as Cherry wishes, Leeds do follow Huddersfield's example and are run by local owners, taking a step back may be the best way to make several forward.