Leeds net losses of around £38 million are the worst set of financial results ever announced by an English club but the sale of Ferdinand and Keane for similar amount has given Ridsdale a financial fig leaf to hide his embarrassment.
Peter Ridsdale said: "Despite the financial impact of failing to qualify for the Champions League and the levels of both amortisation and interest giving a very disappointing result for the year ended June 2002, we remain convinced that our long-term strategy is not only right but is the only sustainable strategy to deliver long-term shareholder value.
"Furthermore, the combination of the actions taken since the year end and ongoing actions surrounding the playing squad will help to ensure that we deliver against this strategy."
City have just announced that they are about embark upon a financial structure similar to that which Ridsdale put in place at Leeds a few years ago and the folly of mortgaging future tickets sales should have the alarm bells ringing in Moss Side.
It wasn’t only a failure to qualify for the Champions League that put Leeds in the financial quick sand but falling revenues and a disgruntled fan base.
Leeds turnover fell by nearly £5m to £81.5m and TV income fell by seven percent with less cup games overall gate receipts fell by 18 percent.
Players' wages rose from 50 percent of turnover in 2001 to 66 percent for the last financial year, a ratio the club admitted was "too high" and needed to be reduced to a "more manageable level".
The club's annual pre-tax loss has grown to £33.9m from £7.6m, while the pre-tax loss before interest was £28.2m, up from a loss of £4m. The results do not include the £37m from the sale of Ferdinand and Keane, or the £3m spent on Nick Barmby from Liverpool. Those deals came after the financial year end.
If the rumours are to be believed then United have only paid around £23 million of the Ferdinand deal to Leeds for now and may be unlikely to pay the rest until well after the end of the next financial year. If this is true then Leeds overall debt-mountain will have still grown from last season and Ridsdale’s statement that the playing squad won’t have to be trimmed further come January will depend on where they are in the League - Harry Kewell anyone?