Ridsdale to retain position

PETER RIDSDALE watched Leeds’ UEFA Cup tie against Malaga safe in the knowledge he will be re-elected as a club director at the annual general meeting tomorrow.

In recent weeks, with Leeds in turmoil both on and off the pitch, Ridsdale has been quietly nervous over whether he would be voted back into office.

It is coincidental thanks to the rotational policy operated by the board that the situation should arise with Leeds currently at their lowest ebb for many years.

But the club's five prinicpal shareholders holders of a 40.4% stake in the company have all come out in support of Ridsdale, who will retain his roles as both plc and club chairman.

Schroeder Investment Management Limited (12.2%), UBS Warburg (11.1%), British Sky Broadcasting Group plc (8.8%), Jupiter Asset Management (4.4%) and Andreas C Dracopoulou (3.9%) are backing Ridsdale, who has been a member of the board since 1987 and was appointed chairman 10 years later.

Ridsdale is likely to face a stormy ride and a searching examination of his leadership in tomorrow's AGM. But the postal vote has already been counted, and the 50-year-old has retained his seat on the board

It means manager Terry Venables, appointed by Ridsdale in July, will continue to have an ally in his corner as he continues to come under fire for the club's poor results.

But Venables knows Ridsdale will have to face some tough questions.

He said: ''I would think he anticipates it the AGM not being comfortable. But I think he is confident of keeping his position as chairman.''

Asked whether that would be good news which would likely bring an end to the turmoil at the club, Venables added: ''That's right because we could do without that.''

There are still likely to be changes at the highest level in the coming weeks. Ridsdale is set to be held accountable for sanctioning former manager David O'Leary's £100million player spending spree which yielded a run to the semi-finals of the Champions League in 2000/01 but little else.

Primary funding for such an outlay came from a £60million 25-year bond secured on future gate receipts, which stands as the club's sole source of debt at present.

Leeds were £77.8million in the red at the end of the financial year in June but since then they have sold Rio Ferdinand to Manchester United and Robbie Keane to Tottenham.

Although Ferdinand moved on for £30million, Leeds have so far received just £13million with a further £13million due next summer and the remaining £4million unlikely to materialise because it is dependant on United winning the Treble twice more.

Leeds have also received just £4million for striker Keane a player they signed for £13million from Inter Milan in December 2000 because the remaining £3million is apparently reliant on clauses. It all means the club have recouped in total £17million so far.

But with the bond needing to be paid and wages to turnover ratio too high (at 66%), Ridsdale has already indicated further players will need to be sold when the transfer window reopens in January - particularly if Venables wishes to buy.

That is why a chief executive could be appointed. Celtic's Ian McLeod a close friend and former colleague of plc deputy chairman Allan Leighton and Newcastle's former chief executive Freddie Fletcher have been mentioned.