According to a report Town's current debt stands at £31.4 million. With the club's finances in such a concerning condition chairman David Sheepshanks is set to face stiff questioning from shareholders at Thursday's AGM.

The figure of £31.4 million includes the £25 million, 25-year bond set up to finance the building of the new stands as well as an overdraft of more than £6 million.

The report says the Blues are in a worse state financially than when Sheepshanks took over as chairman in August 1995, a time when he himself said the club was "sinking like a stone".

The chairman's commitment to the club is questioned, with a suggestion made that he might be interested in making a move to the FA, perhaps as vice-chairman, despite his recent denials.

With Sheepshanks repeatedly stating that the club does not need to sell during the January transfer window, shareholders will be interested to learn more about the financial manoeuvrings put in place and also the share issue mentioned in the latest set of accounts.

Over his seven years in charge Sheepshanks has been a largely popular chairman, however this year's AGM promises to be his roughest ride yet.

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