According
to leaked documents that have surfaced in a local newspaper,
the price of spending more than one season in the first division
has become painfully clear.
Saint
Lineker's consortium believes that they will need to sell
four top players PLUS Muzzy Izzet if the team stays
in Division One.
The
document was sent to the Administrators to outline and project
City's financial situation until the 2005/06 season if they
were to stay in the first division.
The
key pints of the document are:
That
the top four contracts to expire over the summer will not
be renewed and that Izzet will be sold.
That
the consortium believes they will make a £1million profit
on the sale of Izzet incorporating a payment to former club
Chelsea.
That
certain players will face a salary cut when contracts come
up for renewal.
Consortium
member Jon Holmes said that losing players was inevitable
if the club failed to win promotion.
"What
we have to prove is that the financial decisions that got
the club into trouble will not be repeated,'' he said.
"The
alternative would be that the club goes out of business. There
would be no way back.
"If
the club gets promoted we have to provide for the fact the
squad needs to be strengthened.
"If
the club does not get promoted a number of contracts will
come to an end and they will probably be released.
"Had
the transfer market been better in the summer Izzet would
have gone anyway. The fact is no-one came in.
"Because
he's playing so well we believe he would want to move anyway."
Cliff
Ginnetta, chairman of the City Supporters' Club told the Mercury
"I think the fans are confident we will go up.
"If
we don't go up we would want changes anyway."
Tell us what you think about this in our FFS Fans
Forum.
|