Famously, he said the club was "living the dream" but that soon turned into a nightmare of financial problems, as they slid down from the top flight to League One.
After spell as chairman of Barnsley between 2003 and 2004, he took over Cardiff in 2005, helping the club's move to its new stadium before leaving earlier this year, when a Malaysian consortium took over the club.
His comment on the Charlton rumour made no mention of any planned return to football.
"Had the newspaper in question contacted me they could have quickly ensured that both myself and those connected with Charlton Athletic would have not had to cope with the regrettable fallout that this wholly inaccurate story has brought about," Ridsdale added.
After seven consecutive seasons in the Premier League, the Addicks were relegated to the Championship at the end of the 2006-07 campaign and went down to League One in May 2009.
The south London club have been linked with a number of potential takeovers in recent years but nothing has yet to come into fruition.
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