"The stadium is on track, I sincerely believe there will be bulldozers on site before the end of this calendar year," said Ridsdale.
"There's going to be further news soon on how we are going to structure the company to ensure the construction takes place.
"So yes, it's on track. Yes, it will be built. We've got a very exciting football club here."
Ridsdale also spoke of the sale of Cameron Jerome and the efforts to bring in more players.
"In regard to Cameron's transfer, this was the right deal at the right time for all concerned," said Ridsdale.
"Cameron had made it very clear through the press that he wanted to leave and there wasn't a lot we could do about that.
"I believe the deal was also very good for the club as well. It means money is now available for Dave to strengthen the squad.
"Dave did a great job here last season and we're delighted he's signed a new contract.
"It means he will be here in the future to work with the players he chooses to bring in.
"I'm not saying how much money will be given to Dave for the reason that when you go out and try and acquire players what you don't want to do is tell everyone how much you've got in the kitty to spend.
"But Cameron's deal was done for the benefit of the team and the team will benefit from the funds Dave has made available to him. He's made it clear to us what it is he's looking for.
"Sam is up north now trying to bring players to the club that we want. But I'm not going to talk about names, when they have signed to the club all will be revealed."
The last line could tie in with the claims today from Newcastle that City are close to signing Michael Chopra.