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Asked how confident he was of keeping Rio at the club Venables said: "I'm very confident.
I've not spoken to him yet but when I do I will try to point out why he should stay."
"I think where we can reach him is that basically he loves to play football," he added.
Venables also told reporters that he had to sell players to clear the club's debts:"There's 15 million to be found and that's what I've got to do. We'll do whatever we can to satisfy that side of the club," he stressed.
"We have a bit of balancing to do. We have got to let one or two players go, but that's only hopefully a temporary situation."
Of his ambitions for the club he said: "I think Leeds United have the potential to go right to the top. Potential is one thing and making it a reality is another.
"We have the drive in the squad and the club to go right to the top. That's what we have to achieve and have the guts and determination to take up that challenge.
"We want to be at the very top if it is possible. Now it's action and not words that have to be carried out.
"It's a huge club. The plans and hopes here are as big as anywhere else."