Sky Blues reveal debts
By Peter O`Rourke
Last Updated: 01/01/70 1:00am
The First Division outfit have been forced to off-load a number of players to ease their debts and the full extent of their problems have now been revealed.
The players who have been told they will be allowed to leave on free transfers are Jay Bothroyd, Youssef Chippo, John Eustace, Lee Fowler, Morten Hyldgaard, Julian Joachim, Gary McSheffrey, Keith O'Neill and Barry Quinn.
The news comes on the back of Sky Blues player-manager Gary McAllister branding the club "a disaster from top to bottom."
The Sky Blues are just one of a number of Nationwide clubs who have found themselves in serious financial problems in the wake of the collapse of the ITV Digital deal.
It is now feared that the club may be forced into administration to deal with the debts like so many other Nationwide sides.
Sky Blues chairman Mike McGinnity admitted the club had no choice but to carry out these financial restrictions to help the club survive
"What we've had to do has been extremely painful," McGinnity told the club's official website. "But we're bottoming out and have a lot of positives to look forward to. Nobody wants to be where we are but it was a case of necessity. If we hadn't come down this far we couldn't look forward because we'd be bust.
"Since Gary McAllister became manager of this club, the goalposts have moved on a number of occasions mainly through fault of my own but I've always told Gary what I've had to do before I have done it.
"Going into this season we all knew about ITV Digital, we all knew about the final parachute payment but we were then hit by the collapse of the transfer market.
"When I first took over the bank required me to pay £9 million by last September. We identified three players to release and Gary was informed on this as soon as he arrived here."
McGinnity is optimistic that the club will be able to overcome their financial problems and insisted he and McAllister will not walk out on the club.
"From now on, we have to move forward both on the pitch and off it and we have much to look forward to. Our business plan - which has been fully approved by the bank - will take us through to 2006, from cash flow negative to positive," added McGinnity.
"We have an excellent academy and have seen several talented young players progress into the first team this year.
"We will continue to fund the academy to ensure players of genuine quality continue to progress. I can also assure everyone I will not walk away.
"I am not a quitter, Gary is not a quitter and nobody on the board is going to quit either. We are all out with the same aim and that is to restore this club to glory."