David Sheepshanks spelled out the financial realities at Portman Road in his column in the Leicester programme. The chairman has kept largely quiet since reports concerning Town's financial position appeared, but says he has always been straight with fans on money issues.

Sheepshanks wrote: "In order not to mislead supporters' expectations I deliberately made it clear at the end of last season that relegation would involve the need to sell players to balance the books.

"We are all sentimentalists as fans and Hermann is certainly a great favourite among us all. This is a time, however, when the head has to rule the heart and the need to redress finances is of paramount importance to Ipswich Town.

"It may feel like shooting ourselves in the foot and some supporters have written asking why we can't just borrow or afford more for a year to give ourselves a better chance of bouncing back... I am sorry, the real world of finance just doesn't work that way."

Last week Hreidarsson turned down a move to West Brom while there is continuing speculation regarding Matt Holland, Marcus Stewart and Marcus Bent.

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