O'Leary's reality cheque

Dissecting the statements of David O'Leary is often worthwhile given that within many of his declarations there is a hidden sub-text. Therefore, looking back to Tuesday, when O'Leary said he had told his players he was proud of their achievement of qualifying for the UEFA Cup next season, it is clear now that he was delivering a coded warning that Leeds United's prosperous season may not have the ribbon ending many assumed. How smart that was.

On Tuesday night Liverpool jumped above Leeds into the Champions League third spot with a 2-0 victory over Bradford City, quelling excitement in Leeds about a top three Premiership finish, and on Wednesday night Valencia delivered a performance of such skilful defiance at Elland Road that only the most blinkered of Leeds supporters would think a passage into the European Cup final a second-leg probability.

Within 24 hours Leeds had experienced a reality check, and while the season may yet end in glorious fulfilment, the brief pause has enabled O'Leary to get the message out to those who matter at Elland Road: this Leeds, his Leeds, are still a way from being the finished article.

After Wednesday's game, O'Leary wasted no time in saying he has supervised Leeds' momentous European excursion with just two first-team strikers, Alan Smith and Mark Viduka. With Michael Bridges injured - and likely to leave for Newcastle United in the summer - and Robbie Keane cup-tied, O'Leary's most attacking reserve on Wednesday was winger Jason Wilcox.

That others on the bench included Paul Robinson, Gary Kelly, Eirik Bakke, Stephen McPhail and Jonathan Woodgate was persuasive evidence of the squad at O'Leary's disposal, but he would doubtless point out that only one of those, Bakke, cost Leeds any money.

For a manger who has spent £26 million alone on Rio Ferdinand, Keane and Viduka, it may sound rich that he needs the chairman's wallet again, but rich is what Leeds are now after this outstanding season. Well, if not rich, then solvent.

"It's a myth," O'Leary said about reports he has spent £70 million in constructing this side, before reciting a list of Matthew Jones, Alf Inge Haaland, Darren Huckerby and others he has sold to balance the plc books.

The interest on the Leeds current account has been matched by the interest the club is generating on the Continent and beyond - 54 countries televised Wednesday's match live.

That Leeds' reputation is growing was shown last Sunday when O'Leary was Lazio's guest for the Rome derby. Two years ago, O'Leary could have kissed the Pope and few Italians would have known his name. On Sunday, as he said, it was "Ah, O'Leary," and "it's O'Leary", as he walked up the steps of the Olympic stadium to his seat.

O'Leary's name must already be mentioned regularly in the boardrooms of Europe and a win or scoring draw in the Mestalla stadium next Tuesday would only add to the acclaim.

Having lost none of their home games over two years in the Champions League, Leeds will find Valencia's as difficult a stage on which to perform as Barcelona's and Deportivo La Coruna's, but there was something understandable about Ferdinand's assessment that the team was "quietly pleased" with Wednesday night's work.

Leeds matched last season's finalists and caused them "much suffering", in Hector Cuper's words. The goalless draw means that next Tuesday will feel like a genuine cup final.

Before then come Arsenal at Highbury tomorrow. O'Leary took some pleasure in again saying that he will field a "weakened" team, almost certainly featuring Keane, at his old ground. O'Leary can afford to look beyond Arsenal for once.

His focus is Valencia now. Yet should Leeds fail to get the result required in the Mestalla, and should they lose that third Champions League place to Liverpool, there will still be the invigorating consolation of a Premiership challenge to Arsenal and Manchester United next season without the distraction of the Champions League. European elimination or qualification: either way Leeds will always give it a go. It seems that wherever O'Leary looks, there are silver linings.