Why Ridsdale's dark warning must be heeded

The Leeds lessons: They didn't just live the dream, they devoured it. Now they have acted to avert worst nightmare

Someone rang a radio station, convinced that the statue of Billy Bremner outside Elland Road was shedding a tear at what had befallen his beloved club. But this is Leeds, not Lourdes, and it is no place for a miracle cure unless you happen to be a certain North-east club seeking a ready-made defensive reinforcement.

Jonathan Woodgate's removal was always going to be the one to provoke the deepest anguish of the Leeds faithful. Like having your home burgled by the jolly swagman after leaving the back door on the latch. Even Rio Ferdinand had produced a handsome profit for his brief stay, while the two Robbies, Fowler and Keane, may have represented losses on their respective sales, but their appearances had been limited. And as for Lee Bowyer, well, he made clear his desire to depart.

Woodgate was different. His talent was home-germinated, it was a still blossoming, plucked from Leeds' own garden of plenty and nurtured through those days of pre- and post-courtroom turmoil. At least he was decent enough to acknowledge that. "The chairman has had some stick he doesn't deserve," Woodgate insisted. "He's an honourable man who looked after me during my court case."

Honour? It's scarcely a wordthose who have taken to scrawling abuse on self-made posters denouncing Peter Ridsdale would consider placing in the same sentence as that of the Leeds chairman at present. You wonder whether they were the same ones who queued to shake his hand, post-Istanbul, post-Ferdinand's acquisition and post-Champions' League semi-final appearances, as today they sound the Last Post for Leeds United.

There will be those this weekend who will continue to vilify him, despite a candid assessment of his club's position on Friday, which contained words that should echo ominously in the boardrooms of all Leeds' counterparts (including Newcastle, it must be said, who have continued to invest on a significant scale while the market is deflated). "We lived the dream, we enjoyed the dream, and only by making this decision [Woodgate's £9m sale] can we rekindle the dream." It has been a salutary lesson for Leeds, and for every other professional club.

Afterwards one indignant Leeds follower, asked how he would have done things differently, opined: "We should not have been so ambitious..." You could have died laughing.

Isn't that the mantra of so many fans? Don't they condemn chairmen precisely because they've got no grand vision? Leeds gorged on the dream. David O'Leary was allowed to outlay a touch under £90m worth of expenditure. In the same period around £25m was recouped. It required a £60m, 25-year bond to be negotiated, but that carries hefty interest and the income from two seasons without Champions' League riches has been nowhere near sufficient. Hence a season which has resembled an auction held by a stately home with the proceeds to keep the house in decent repair. A young master? Thank you, sir; yours at nine million. Going, going, gone, to the shrewd, grey-haired gentleman on my left.

Ridsdale parried his detractors' arguments with the persuasive point: would any of them have acted any differently this week? Probably not, had they responsibility to a board, shareholders and supporters. But they would undoubtedly submit the addendum: they would have never arrived at this position. For that, Ridsdale assumes responsibility, but few close to him doubt that he will see this one out, unless the receipt of threats from the brain-dead who tend to emerge on these occasions becomes unbearable for him and his family. If so, it would be the first time a chairman was hounded out effectively for being too ambitious.

Norman Hunter, that doughty defensive stalwart, who is now a pundit for BBC Radio Leeds, admits: "At the time we all got carried away with the dream of the Champions' League. Those evenings in Europe were something special. Seeing the likes of Real Madrid here was absolutely wonderful. Yes, we did get a taste of it and I was as bad as anybody. I thought, 'If we could have this every season it's worth spending x-amount'. Quite simply, they bought for the Champions' League, and it just didn't happen."

Many reasons have been attributed for that. Hunter regards one as predominant. At the start of the new millennium, all the talk was of O'Leary and his "babies". A young Leeds team, even one beset by injury, had achieved the unthinkable in Europe. One game from the final of the Champions' League. Anything was plausible now, wasn't it? The Irishman gushed at every opportunity about his ambition to emulate Alex Ferguson. Some contended he was the new Ferguson. Yet, slowly, it all unravelled, culminating in O'Leary's departure last summer. "You've got to ask yourself whether he had the experience?" says Hunter. "I don't think he did, did he? It was his first job while there were guys who'd been around for a long time and whose teams had played regularly in Europe, at Arsenal, Manchester United, and even at Newcastle with Bobby Robson."

Hunter adds: "The Champions' League could have been worth millions, then all of a sudden, you're not in it. Of course, it'll put the club on a better footing if they don't get back into Europe, but then you consider the reality and that's six players who would have been in the starting line-up or on the bench. I would have thought we could have kept Woodgate. I'm really disappointed by that. If there are injuries and suspensions we just don't have that many defenders and we're no longer that strong in midfield."

Which brings us to the one man whom the club will not relinquish. "Leeds can come out of all this, to a point – but only if Terry stays," argues Hunter. "If he goes, it'll be absolute chaos. We've got to keep him as manager, at least for the length of his contract, anyway."

On Friday, you wouldn't have wagered on Terry Venables remaining for the duration of his lunch. Not much more than five months ago he arrived, bronzed and optimistic. On Friday, if looks could kill, he'd be Dr Crippen. Those of us who know him better than most detect the tell-tale signs: jaw tight, hiding a sharpening of teeth, ready to snap, like a shark sensing blood. The eyes dark and menacing, no hint of that cheeky chappy chortle.

The more cynical among his detractors will submit that it was typical Ell Tel, playing to the gallery and giving a faultless display as the slighted victim in this particular relationship. It was like watching a wronged wife. "Dear Agony Aunt," he might have written, "the bond of trust between Ridsdale and I having been put to the test, should I stay and forgive or move out of the marital home?"

The truth is, of course, that Venables will emerge from all this smelling of exquisite parfum pour homme. Virtually everything about this situation, but for the damaged pride associated with walking into a job where the conditions of employment deteriorated by the day, offer reasons why he should remain.

Suddenly, from devil incarnate in some supporters' eyes, he has metamor-phosed into their champion, the occupier of the moral high ground when some around him are tainted as dishonourable. He has been presented with a challenge, but it is one which he cannot lose. If Leeds perform indifferently, well, it was inevitable, wasn't it? Should he actually achieve success, his stock will be higher.

Hunter looks forward with only mild optimism. "I've seen it before at Leeds, but I'm extremely sad. It'll be a long time before we're up there again [in the top four]. But we've just got to make the best of it. It's no good crying now."

Leeds fans, being a stoical lot, probably won't do so. They'll continue "marching on together", watched over by the spirit of Hunter's old team-mate, the late Billy Bremner, and that dampness in his statue's eye will prove to have been mere melting snow.

Farewell Tel The Sold Six

Rio Ferdinand (signed Nov 2000, £18m; sold July 2002, £30m): His sale to Manchester United was on the cards before Venables took over. Neither Venables nor chairman Peter Ridsdale wanted to sell but debts caught up with Leeds. Decision may also have accounted for former manager David O'Leary.

Robbie Keane (signed May 2001, £12m; sold Aug 2002, £7m). Republic of Ireland World Cup star joined Leeds permanently from Internazionale after a successful loan spell. Cost Leeds £12m, but 15 months later they cashed in to ease financial plight caused by failure to qualify for the Champions' League.

Lee Bowyer (signed July 1996, £2.8m; sold January 2003, £100,000). With just a season left on his contract and the player seemingly unwilling to sign a new one, Leeds did their best to sell him last summer. A £9m fee was agreed with Liverpool, but the move broke down. Eventually joined West Ham, but with his contract running out Leeds were only able to claim a nominal fee.

Olivier Dacourt (signed May 2000, £7.2m; currently on loan at Roma). Former Everton midfielder was sent off on his debut but went on to become a key figure in O'Leary's side. However, the Frenchman's relationship with Venables was far less harmonious.

Robbie Fowler (signed Nov 2002, £11m; sold Jan 2003 £6m). Completed move to Manchester City on a three-and-a-half-year deal with £3m paid up front and a further £3m due after a number of first-team appearances. Venables was under the impression that with Fowler gone, the pressure to sell Woodgate was over...

Jonathan Woodgate (sold January 2003, £9m). Member of Leeds' double-winning youth side in 1996-97. Sale of England international Woodgate (pictured) to Newcastle reluctantly agreed by Ridsdale but could yet be the final straw for Venables.