The bonus was used to purchase new shares in the football club.
"These payments are entirely in order and were fully disclosed in a report disclosed to shareholders at an emergency general meeting held in January last year." said Ridsdale.
"When I was brought in by Mr Hammam in June 2005, I was given a contract under which I was expected to restructure the finances of the club, renegotiate the loan payments and secure the new stadium.
"It was agreed that the bonus would be paid if either the loan notes were renegotiated or it became clear that the stadium was definitely going ahead.
"Essentially, it was a bonus for rescuing the club.
"In December 2006 the stadium plan was approved unconditionally, and that triggered the payment of the one-off bonus. I won't be getting any more bonus payments."
Ridsdale now says he is an employee of the club and will be paid wages rather than fees to the WH Sports company.
"I have now gone on the payroll of the club and am now paid in the same way as anyone else.
"WH Sports won't be receiving any more money from the club. It will be wound down."