Leeds United have posted a loss of £17.2m as the cash-strapped club continues to haemorrhage
Ridsdale insisted Leeds had to sell to survive
The club's debt had climbed to £78.9m by 31 December, according to results released to the Stock Exchange, and that figure does not include the pay-off to be negotiated for former manager Terry Venalbes
Sacked 10 days ago, Venables' annual contract was worth £2m.
Leeds could also have to pay out £2m in compensation to the former England coach.
Peter Ridsdale, who has resigned as chairman, said: "The figures for the past half year are disappointing and reflect the fact that we missed out for the second year running on qualification for the Champions League."
"Having assembled a squad with a cost base that required regular European football this has led to a requirement to reduce overall costs and particularly those of the playing squad.
"Having made a change of football manager with the appointment of Terry Venables at the start of the season results on the field have been extremely
"This has led to a lower number of live Sky games. Since the half-year end.
"We took the decision to make a further change of football manager with Peter Reid being appointed for the last eight games of the season.
"The ongoing challenge will continue to be to get the cost base into line with anticipated revenue streams. Further action will be needed in the coming months to achieve this.
Supporters had hoped the controversial sale of star players would have dented debts that reached £77.9m last June.
Rio Ferdinand, Robbie Keane, Robbie Fowler, Lee Bowyer and Jonathan Woodgate - some of the club's 'crown jewels' - have all been sold in the last year.
Olivier Dacourt's move to Roma has also trimmed the wage bill.
ELLAND ROAD AUCTION
Rio Ferdinand: Man Utd, £30m
Jonathan Woodgate: Newcastle, £8m
Robbie Keane: Tottenham, £7m
Robbie Fowler: Man City, £6m
Lee Bowyer: West Ham, £100,000
Six months ago the Elland Road club's plc announced pre-tax losses of nearly
Those results were also described by Ridsdale as "very disappointing."
That figure did not include the £37m generated by the sale of Ferdinand to Manchester United and Keane to Tottenham, nor the £2.75m spent in recruiting Nick Barmby from Liverpool.
The latest set of figures did not include any settlement with sacked manager Terry Venables.