Town chief executive Derek Bowden has spoken at length about the club's current financial situation. The chief executive was speaking at a recent fans' forum.

Bowden said of the club's administration: "The results of the administration will be made public with the situation of the Club disclosed in full.

"The Club went into administration before we were forced to by creditors, so we had some choice in which administrator to work with and ours certainly seem to understand football and our situation.

"The administrators now have the ultimate say in how the Club handles its affairs. In some cases they do not always work with the existing company management but they certainly are here. There has been some misunderstanding that the Club's directors are still legally in charge. They are not, the administrators are, until we exit administration.

"Five year plans are being put together for discussion with the bondholder and the bank, who are secured creditors against Club assets.

"They will range from a 'best case' scenario, where we get promoted to a 'worst-case' scenario where we remain in the First Division for five years, have no Cup runs and see no increase in TV revenue. Regardless of what division we are in though, the plans will probably involve the Club being run as a First Division set up until established in the Premiership.

"The worst that can happen at the Club is that no CVA can be agreed with the creditors, the administrator would then look to a sale of the business and assets to a new investor group. A CVA would still need to be agreed though.

"The administrator believes that it is in everyone's interests to get some sort of agreement.

"All creditors vote by value and a CVA has to be agreed by 75 per cent of the creditors by value. In our case significant creditors are the bondholders, the bank, the crown and the players.

"In discussions with the bondholder and the bank, it seems they are very supportive of the way the Club is conducting its affairs and the signs are hopeful that a workable outcome will be reached, possibly by the end of April but of course we do not know yet what the implications will be."

Bowden also revealed that Town received £1.75 million for Marcus Stewart when he joined Sunderland in August with another £250,000 payable if he makes over 40 appearances.

Jamie Clapham's fee was £1.05 million with £300,000 payable should Birmingham stay up or get relegated but make an immediate return to the Premiership.

Bowden also confirmed earlier TWTD reports that Matt Bloomfield was also the subject of the recent Newcastle bid: "Newcastle did make a £3 million bid for Darren Bent, Darren Ambrose and Matt Bloomfield. After that was rejected they made it £3 million just for the two Darrens."

Bowden added that the Blues are not paying any part of Matteo Sereni's wages while he is on loan at Brescia. TWTD understands that a small percentage of Ulrich Le Pen's wages are being paid while he is with Strasbourg.

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