Ridsdale was at the helm at Elland Road when Yorkshire’s falling kings played infamously with a series of big-name signatures to be competitive on-field.
Ultimately, it backfired and a debt mountain led to Leeds ‘ relegation from the top flight in 2004, although Ridsdale believes they’re finally on the brink of a long-awaited return.
However, he cautioned that clubs, especially those in the Football League, risk financial disaster by trying to buy success.
Speaking at Front Row Legal’s breakfast workshop in Leeds, Ridsdale said: “There’s no cash in Leagues One and Two, where most players fail to get through daily.
“The Championship is haemorrhaging money and forcing billionaires every month to pump in multi-million pounds just to try and survive to hit the Premier League’s holy grail.
“You have a Premier League where billions are poured into soccer clubs to pay too much cash to some very ordinary players.
“I’m not sure where it will end up, but the football system isn’t working at the moment, so I think what we saw with Bury and see with Macclesfield is the iceberg wedge.
“I think it’s going to take a crash before someone solves it, but I don’t see the authorities wanting or willing to address it. “There won’t be a wake-up call until something dramatic happens to a big club that is or has been in the Premier League. But there has to be. “Ridsdale left Leeds in 2003 but has since been working at Barnsley and Cardiff City since spending the past eight years at Preston North End as a Trevor Hemmings manager consultant.
Since releasing his infamous memoir in 2007, Ridsdale was heavily criticized for his role in Leeds ‘ collapse and was once called “disturbed” by former manager David O’Leary.
But Ridsdale justified his leadership by saying: “We finished fifth, fourth, sixth, fourth and fifth in the Premier League in the five full seasons I was chairman of Leeds. We were in the semi-finals of the Uefa Cup and the semi-finals of the Champions League.
“I also think Leeds would never have been lost without some of the political infighting that did not take place.