By Phil McNulty BBC Sport Online chief football writer

Leeds United's decision to ditch the modernisers and appoint from the managerial old school represents a massive gamble - for chairman Peter Ridsdale and Terry Venables.

Martin O'Neill and Steve McClaren had been at the front of the queue to succeed the sacked David O'Leary since his dismissal.

But Leeds have discovered once again that courting O'Neill is different from forming a relationship with this most elusive and enigmatic of figures.

And Middlesbrough boss McClaren, linked with the job literally until the moment Venables was appointed, has decided to stay at The Riverside.

It leaves Venables to step into the breach for what will surely be his final crack at proving whether his perceived status as a world-class coach is myth or fact.

Few people polarise opinions about their talents like Venables, from the man in the street to the men in the national media who have a love-hate view on him that is sure to be revisited in the coming days.

Venables has put himself on the line by leaving the comfort and security of his television pundit's seat to re-enter management in the volatile surroundings of Elland Road.

And the admirable Ridsdale's reputation is also at risk after bringing Venables out of self-imposed exile.

The precarious financial and footballing position Leeds United suddenly find themselves in after their rapid rise to prominence and swift - although hardly terminal - decline means Ridsdale cannot afford a failure.

Ridsdale's hand is on the appointment, and the Leeds plc will be demanding success after the upheaval of last season and O'Leary's shock departure.

Venables retains massive respect within the game, especially among those who played under him, and his success at Spurs and Barcelona are constantly chronicled.

England's success in reaching the Euro 96 semi-final before losing Germany on penalties is attributed largely to the tactical acumen of Venables.

It is, however, re-writing history to suggest the campaign was a tale of unqualified glory - and that Venables has not had his major failures in football.

Venables has not enjoyed any tangible success since Euro 96, failing to guide a talented Australian squad - including new Leeds United charges Harry Kewell and Mark Viduka - to the World Cup in France four years ago.

And his recent forays into club football at Crystal Palace and Portsmouth ended in controversy, failure and financial wrangling.

Venables had better luck in reviving Middlesbrough in a short-term spell when they were threatened with relegation - but this is his first crack at the big time in the top-flight since he left Spurs in acrimonious circumstances in the early 90s.

He may feel he has unfinished business in management, and Venables is to be admired for refusing to stay in the comfort zone and taking on such a tough task.

But Venables is also nobody's fool, and he would have examined a highly-talented squad in detail before leaving the television studio for life in the fast lane at Leeds.

It is a gamble for both Leeds and Venables.

The stakes are high - but if it comes off the rewards could be even bigger.