Cardiff manager Dave Jones was wanted by West Brom

The Baggies targeted Jones in September after dispensing with Bryan Robson.

"I think we were very close to losing Dave, I had a long chat with him and he wanted assurances about the financial stability of the club," Ridsdale said.

"At the time it was difficult to give him that assurance because we hadn't resolved some of the issues."

But Ridsdale told BBC Radio Wales' Sportstime programme that Jones was prepared to take the former Leeds United chairman's word that better times lay ahead.

That was proved this week when the long-awaited takeover by new investors was completed, pumping �6.5m into the Championship club.

The takeover was approved on Monday by shareholders after voting unanimously to accept a financial restructuring that saw the end of Sam Hammam's ownership.

Dave Jones' credentials are superb Cardiff City chairman Peter Ridsdale

The new regime was crucial to Cardiff's hopes of building a new 30,000-capacity stadium and retail park at Leckwith.

Cardiff Council gave the project the green light last month after Hammam agreed to give up control of the club.

"Dave asked me whether I thought we'd be successful in restructuring the club and getting the new stadium scheme signed off by the Council," Ridsdale added.

"I gave him my word that I thought it was possible and achievable and Dave said on that basis he would want to remain part of Cardiff City, because that's why he'd joined.

"He said he'd trust me to deliver and I think I have."

After leading the Championship in the early part of the season, Cardiff have fallen into a slump that now sees them 10 points behind current pace-setters Birmingham City.

But Ridsdale is delighted to have Jones still at the helm and believes he is the best man for the job.

"If you look back to the start of the season, Cardiff were not among the promotion favourites with the bookmakers," Ridsdale said.

"We got off to a flying start and we all had aspirations of an automatic promotion place.

"Clearly that's been disappointed over the past couple of weeks, but one of the important things in football is that we don't take knee-jerk reactions.

"Dave's credentials are superb, his ability to work with players and not have to spend massive amounts of money is well known.

"I think the whole professionalism at the club since Dave arrived has changed (for the better).