On this day in 2003: Peter Ridsdale resigns as chairman of debt-ridden Leeds

Peter Ridsdale resigned after five years as chairman of debt-ridden Leeds on this day in 2003.

The then 50-year-old announced the news in a statement to the Stock Exchange amid increasing criticism from fans following the departures of a host of top stars and manager Terry Venables.

Ridsdale said: “After five years as chairman, I have decided to step down and hand over the reins as chairman to Professor John McKenzie, who has my full support.”

Rio Ferdinand, Robbie Keane, Lee Bowyer, Olivier Dacourt, Robbie Fowler and Jonathan Woodgate were all sold following David O’Leary’s departure as manager in June 2002.

The club spent big on players under the Irishman and topped the Premiership table in January 2002 but that was followed by a decline and period of turmoil.

Supporters vented their anger at Ridsdale, who they blamed for sanctioning the clear-out of players as well as the removal of Venables, but the club’s dire finances were also instrumental in his exit.

Ridsdale cited the impact on him and his family, saying: “In a high-profile role, when results are not up to expectation levels, you rightly expect criticism.

“This comes with the territory. When this criticism becomes so intense that it affects your family and health, it requires clear reflection on the right way forward.

“The intensity of personal criticism has led me to conclude that the best decision for myself, my family and the company is that I step down as chairman of the plc and football club and relinquish all executive responsibilities.”

Leeds managed to avoid relegation in 2003 but it was a different story the following season and, with finances worsening, the club entered administration in 2007 before demotion to League One.

The Whites spent three seasons in the third tier and 10 back in the Championship before finally returning to the top flight in 2020.

Ridsdale, who was subsequently involved with Barnsley, Cardiff, Plymouth and Preston, was disqualified from acting as a company director for seven and a half years in 2012 over payments channelled from football clubs into personal bank accounts in his name.