He said that the club were unable to get money from their bank to afford new players.
“What do you think our squad is valued at for insurance purposes? It’s about £180m but the banks won’t take that as security. You have to battle with your bank, daily for me. When David started I told him: ‘I’ll make you a promise, I’ve got no money but we’ll move heaven and earth to give you £5m a year.’
“On average we give him £5.6m every year. Nine years that’s £45m that we haven’t got. Add that to the overdraft [and] you can see what trouble we’re in.”