Leeds United - on this day: Peter Ridsdale resigns as Elland Road chairman amid financial turmoil

The day...

March 31, 2003

The event...

Peter Ridsdale resigns as Leeds United chairman with the club in crisis amid financial turmoil

What happened?

Peter Ridsdale resigned as chairman of crisis club Leeds on this day in 2003.

In a statement released to the Stock Exchange, the 50-year-old announced he was standing down after five years in the post.

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.”

Ridsdale had come in for increasing criticism from fans after a season which had seen a host of top stars leave the club, as well as the departure of manager Terry Venables.

Rio Ferdinand, Robbie Keane, Lee Bowyer, Olivier Dacourt, Robbie Fowler and Jonathan Woodgate had all been sold off since David O’Leary’s exit the previous June.

The previous 14 months had been a turbulent time for Leeds. From topping the Premier League in January 2002, the Elland Road club experienced a decline which had rapidly increased since the turn of the year.

Things went from bad to worse thereafter. Leeds were relegated in 2004 and even spent two seasons in League One.

The good times are finally returning, though, after the club returned to the Premier League last season under Marcelo Bielsa. They currently lie 11th in the table.