Ridsdale resigns Barnsley chairmanship
New Barnsley chairman Gordon Shepherd has revealed that Peter Ridsdale’s desire not to operate in a company he owned less than half of has resulted in his resignation and that of chief executive David Walker.
The League One club are understood to require £1m (€1.42m) to see out the season with Shepherd describing the club’s financial position as “less than comfortable”.
Owner Patrick Cryne, together with Shepherd, will fund the shortfall.
Former Leeds chairman Ridsdale only arrived at the club in October last year but he and Walker have now left Oakwell.
Shepherd told the club’s official website: “The club was running into a financial position that was less than comfortable and it became clear that cash had to be injected.
“That cash was not forthcoming and, as ever, we had to look to Patrick Cryne and, as ever, he has saved this club.
“Patrick deserves absolute credit and a medal for what he has done for this club. He has again dug deep into his own pocket for Barnsley.
“Peter Ridsdale was the chairman and owned the club 100 per cent. Peter did not and does not want to work or operate in a club or company where he had less than 50 per cent of the shares.
“I can understand that and he felt it would be better if he left and a new regime took over.”
Despite the £1million shortfall in the club’s budget, Shepherd refused to accuse Ridsdale, who has been blamed for Leeds’ spectacular demise after sanctioning spending beyond the club’s means, of mismanagement.
He added: “No-one can say that there was any financial mis-management. People can talk in terms of profit and loss every day but at the end of the day, cash is a fact.
“When you are running out of cash then you have to address the problem. That has been done and the money is now in place and we will go on from here.”
