Town chairman David Sheepshanks has said he has undergone a "horrible few days" while the transfers of Darren Ambrose and Hermann Hreidarsson have been in process. The chairman also feels that Newcastle have got themselves a incredible bargain in signing Ambrose for only £1 million.

Sheepshanks told the club site: "It's been a horrible few days culminating in being forced to sell one of our brightest young players for what we all believe could prove to be one of the bargains of the decade.

"Clearly this was one of the last deals we wanted to do but regrettably the cash shortfall 'in administration' meant that we were between a rock and a hard place. Apart from the interest in Hermann Hreidarsson there were no other deals or better offers to pursue. Very simply, we had to raise cash by this week.

This cash shortage was the same deficit that we always knew we faced when we went into administration. We had managed to re-jig the cash flow so that it worked until now but this was the week when our cash flow would otherwise have hit the red. Administrators are not allowed to take on negative liabilities and so cash had to be found from somewhere.

"It hasn't proved feasible to attract new investment while still in administration, (although there is considerable interest thereafter) nor was it possible to get the financial institutions to fund us further, despite our proximity to the Play-Off zone.

"Had we been in Leicester's position in the table or nearer to it, it might have been different, but we're not. So the only way we could raise cash was from player sales.

"Like all supporters, I feel distressed to lose Darren Ambrose in such a situation, but the reality is that the deal has helped secure the Club for the future, irrespective of the amount.

"Together with my Board colleagues and other senior management, our single focus is on seeing Ipswich Town exit administration and facilitating a refinancing of the business as quickly as possible thereafter.

"Whatever our destiny in terms of results in the remainder of this season, Joe Royle will need as much time as possible to prepare his squad for the new season.

"Deals for Hermann Hreidarsson have been agreed with both Charlton and Portsmouth and it is now a matter for the player to decide which offer he prefers. With the deadline looming tomorrow I hope this will be decided within 24 hours.

"As regards to Darren Ambrose, I want to wish him the very best of success in his future career with Newcastle. We will always follow him as a favourite young son of Ipswich Town and I hope he achieves everything that he dreams of.

"If it feels like selling the family silver, which it does, it was nevertheless a case of needs must. As much as we rue his departure we must be thankful for the Club's - and its coaching staff's - remarkable ability to develop such talent."

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