By John May BBC Sport Online

Terry Venables might be excused for having pound signs in his eyes following the record-busting sale of Rio Ferdinand.

A cool �30m to spend, and cash-strapped clubs just panting for a wedge of cash could give the Leeds manager the air of a small boy in a toy shop with the use of his dad's credit card for the day.

But not so.

Leeds' financial position not only partially forced Ferdinand's sale, but will govern how much of the �30m Venables will be given.

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Leeds' debts stand at a staggering �70m, a figure Ferdinand's sale only makes a dimple in.

But chairman Peter Ridsdale insisted that Leeds only needed to clear �15m to keep the club's plc arm happy, leaving Venables with the remaining �15m.

So with �15m burning a hole in his Sta-Prests where does the Leeds' boss look to spend it?

As Ferdinand proved, in today's mega-money market �15m does not buy you a great deal, once transfer fees and wages are taken into account.

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Luckily for Venables, like a well-maintained and thoroughly checked used car, Leeds' squad does not need too much attention.

A gaggle of top strikers in Robbies Keane and Fowler, Mark Viduka and Alan Smith, with Michael Bridges also waiting in the wings, means Venables will not be splashing his cash on a striker.

Venables and Southgate go back a long way

One of Venables' main priorities would be to plug the central defensive gap left by Ferdinand.

He has good defenders in the shape of Jonathan Woodgate, Dominic Matteo and the fit-again Lucas Radebe.

There is also the potential of promising teenager Frazer Richardson.

Having been denied the opportunity to build his defence around Ferdinand, Venables may decide to mould it around somebody else, and Gareth Southgate would fit Venables' bill.

Southgate was the hub of the England defence when Venables coached the national team, and he is a cool, calm and cultured defender in the mould of Ferdinand.

Prising him away from Middlesbrough, though, may not come cheaply.

Chairman Steve Gibson's millions cushion Boro from the need to sell and Gibson is keen to give manager Steve McClaren every chance to create something at the Riverside.

Should he want to take a cheaper option to carefully husband his money, Venables could find it in the shape of Matt Elliott.

Released by cash-strapped Leicester City, Elliott is 33 and not exactly a gazelle in the pace stakes.

But he is strong, rugged and an experienced Premiership campaigner.

And with the likes of Woodgate and Matteo knitted alongside him in the central defensive trio that Venables likes, Elliott need not be exposed for pace.

Lee Bowyer's return following his collapsed move to Liverpool and the lack of concrete bids for Olivier Dacourt will please Venables, if not the Leeds money men.

Nick Barmby faces stiff competition from John-Arne Riise

Bowyer and Dacourt would be assets to any midfield, even one as ostensibly as strong as Leeds.

Bowyer, Dacourt, Eirik Bakke, David Batty, Seth Johnson give a strong, competitive look to Leeds midfield, especially when the versatility of Alan Smith and Harry Kewell is factored in.

Venables is concerned, though, at the balance of the team and is believed to want a left-sided midfielder, which would allow him to either push Kewell forward or give him a free-ranging role.

That could see Venables again look to a player he knows well, Liverpool's Nick Barmby.

Since his �6m arrival at Anfield in July 2000, Barmby has played just 23 Premiership matches in 38 appearances.

The emergence of John-Arne Riise as a force down the left flank is likely to limit Barmby's chances at Anfield.

Despite Ridsdale's assurances, some sources suggest that Venables may not be denied the spending of the �15m but may have to lighten the load, such are Leeds' problems.

One thing is for sure.

While �15m will pay for a lot of nurses' wages, it is small beer in the Premiership compared to Manchester United's spending clout.