The price of Sydney FC's failure was revealed when Robbie Fowler joined Cardiff as its highest paid player ever on a reported $37,000 a week.
The Liverpool legend, 32, was a free agent following his departure from Anfield at the end of last season and will sign a two-year deal with the Bluebirds.
He is relishing the prospect of a promotion challenge at Ninian Park and revealed Ridsdale's charm and lofty ambition had proved key to his decision. Fowler admitted sweet-talking by chairman Peter Ridsdale persuaded him to snub the A-League club and drop down a division into the Coca-Coca Championship.
Former Leeds chairman Ridsdale brought Fowler to Elland Road from Liverpool in a £11million transfer in November 2001 - a move which fuelled the Yorkshire's club's catastrophic financial decline.
Fowler says as much in his autobiography: "He (Ridsdale) persuaded me to go Leeds when really, they were in a terrible mess already.
"Of course, there was no hint of that situation when I signed.
"Piecing it all together since, it seems obvious to me that by November when I suddenly came on the market, Ridsdale was willing to gamble to stave off what became inevitable."
Indeed, financial disaster followed and the legacy of Ridsdale's over-spending culminated in Leeds being relegated to the third tier last season for the first time in the club's history.
But, while Ridsdale's reputation took a severe battering following his spell at Elland Road, Fowler is confident he made the right choice after snubbing moves to Leicester and Sydney FC in Australia's A-League.
Fowler told the Western Mail: "Obviously I know Peter from my time with Leeds, when he signed me from Liverpool back at the start of the millennium.
"Peter wanted success there and he wants Cardiff to be a successful club, too.
"He is a very ambitious man and that has to be good for the club and for Welsh football in general."
Ridsdale and Cardiff boss Dave Jones had been patiently tracking Fowler for a number of weeks and Ridsdale cut short a holiday in Florida to officially seal the deal.
The man nicknamed 'God' by Liverpool fans will reportedly become the highest paid Cardiff player in the club's history, with a $37,000-a-week salary and generous goal and appearance bonuses on top.
Ridsdale's ambitious plans for the club include a new state-of-the art stadium.
Fowler said: "The most important thing for me is that when you look at Cardiff you see an ambitious club and a situation that is going to give me a real challenge.
"I want to play regular football and achieve things, and Cardiff offer me that opportunity.
"During my time at Liverpool over the last season I wasn't used as much as I would have liked, but hopefully I can get back to week in, week out games with Cardiff.
"As a striker, you need that in order to be properly sharp in front of goal.
"People have said I'm past my best and I've heard other sorts of comments like that.
"But they forget I'm still only 32... and that's not so old. I have had injuries, but I'm in good shape again, I'm raring to go and I can't wait to get playing for Cardiff.
"I'm really happy to be joining. I'm coming to hopefully help Cardiff with a real push at promotion next season."
Fowler becomes Cardiff's sixth summer signing of the summer, following Trevor Sinclair, Gavin Rae, Steven MacLean, Tony Capaldi and Michael Oakes to Ninian Park.
He is relishing the prospect of a promotion challenge at Ninian Park and revealed Ridsdale's charm and lofty ambition had proved key to his decision. Fowler admitted sweet-talking by chairman Peter Ridsdale persuaded him to snub the A-League club and drop down a division into the Coca-Coca Championship.
Former Leeds chairman Ridsdale brought Fowler to Elland Road from Liverpool in a £11million transfer in November 2001 - a move which fuelled the Yorkshire's club's catastrophic financial decline.
Fowler says as much in his autobiography: "He (Ridsdale) persuaded me to go Leeds when really, they were in a terrible mess already.
"Of course, there was no hint of that situation when I signed.
"Piecing it all together since, it seems obvious to me that by November when I suddenly came on the market, Ridsdale was willing to gamble to stave off what became inevitable."
Indeed, financial disaster followed and the legacy of Ridsdale's over-spending culminated in Leeds being relegated to the third tier last season for the first time in the club's history.
But, while Ridsdale's reputation took a severe battering following his spell at Elland Road, Fowler is confident he made the right choice after snubbing moves to Leicester and Sydney FC in Australia's A-League.
Fowler told the Western Mail: "Obviously I know Peter from my time with Leeds, when he signed me from Liverpool back at the start of the millennium.
"Peter wanted success there and he wants Cardiff to be a successful club, too.
"He is a very ambitious man and that has to be good for the club and for Welsh football in general."
Ridsdale and Cardiff boss Dave Jones had been patiently tracking Fowler for a number of weeks and Ridsdale cut short a holiday in Florida to officially seal the deal.
The man nicknamed 'God' by Liverpool fans will reportedly become the highest paid Cardiff player in the club's history, with a $37,000-a-week salary and generous goal and appearance bonuses on top.
Ridsdale's ambitious plans for the club include a new state-of-the art stadium.
Fowler said: "The most important thing for me is that when you look at Cardiff you see an ambitious club and a situation that is going to give me a real challenge.
"I want to play regular football and achieve things, and Cardiff offer me that opportunity.
"During my time at Liverpool over the last season I wasn't used as much as I would have liked, but hopefully I can get back to week in, week out games with Cardiff.
"As a striker, you need that in order to be properly sharp in front of goal.
"People have said I'm past my best and I've heard other sorts of comments like that.
"But they forget I'm still only 32... and that's not so old. I have had injuries, but I'm in good shape again, I'm raring to go and I can't wait to get playing for Cardiff.
"I'm really happy to be joining. I'm coming to hopefully help Cardiff with a real push at promotion next season."
Fowler becomes Cardiff's sixth summer signing of the summer, following Trevor Sinclair, Gavin Rae, Steven MacLean, Tony Capaldi and Michael Oakes to Ninian Park.
Copyright (c) Press Association
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