Town chairman David Sheepshanks has reiterated that the Blues need to find cash to fill the financial hole created by relegation. Early estimates suggested that the Blues would have to find a shortfall of £15 million, although that figure has been reduced with the summer's moves so far.

Sheepshanks said: "We have a major hole to fill financially and we must do it.

"I have never put our fans under any illusions. I am saying the same now as I quite openly stated when we were relegated from the Premiership in May. The economy of clubs is very tight, even in the Premiership.

"We have transfer business that needs to be done and indeed it has to be done. We have to run a tight ship. We have to be prudent."

The chairman says that there has been interest in a number of players but no firm bids. Finidi George looked a hot favourite to make a Portman Road exit but interest in him from Spain has cooled since May when Sheepshanks says a number of clubs enquired.

Since May Town have qualified for the UEFA Cup and, although the qualification round against Avenir Beggen is unlikely to bring in too much revenue, the Blues will be seeded for at least the next round. The UEFA Cup proper will bring in some TV cash while the Blues get a small amount of extra money from the TXU Energi sponsorship deal.

The £4.5 million sale of Titus Bramble, as well as the saving of Bramble's wages, will also have helped out, as will the loan move of Matteo Sereni to Brescia. Sereni's wages are thought to be in the £1 million a year bracket.

It still looks likely - and desirably from a financial perspective - that one or two more players to leave before the season starts on August 10th.

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