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"I have the utmost respect for Terry (Venables) for standing up and saying what he wants to say, that he didn't want to sell.
"I hope he and I will sitting shoulder to shoulder looking to the future of Leeds United Football Club. I sincerely believe he will stay.
"Since Terry joined we've had a very difficult time. We had to go through a position where we had to regroup.
"We'd had three or four years of spending money we were enjoying from Champions League success and from the fact we were able to get the £60million bond.
"We are now going through a period few football managers would enjoy where we are having to rein in and bring cash in. That's not the easiest time.
"If I give an opportunity to a manager and say 'you can either come and spend a lot of money or you have to bring a lot of money in', which would you choose?
"I admire and respect the fact that Terry is with us, has put up with some very difficult times and has accepted what we've had to do in the transfer market.
"I sincerely believe it would be right and proper for us to work together for the good of Leeds United in the future."
Ridsdale will give more details about the club's financial situation and transfer policy at a press conference on Friday afternoon where he has promised to "tell Leeds supporters what they don't know and deserve to know".