David Sheepshanks says the Blues have failed to secure new investment ahead of the new season. The Town chairman confirmed that the club has been talking with investors, some from overseas, since the end of last year.

Sheepshanks said: “We have been looking to secure major investment in the club since the AGM last December and efforts have continued apace.

“Simultaneously we have been in discussion with our main lenders to secure a permanent solution to our debt and they have been extremely supportive and collaborative in backing our search for investment.

”We are all looking for a simultaneous solution to both investment and resolving our long-term debt. One won't happen without the other, but this is not a short-term process.”

TWTD reported in May that a debt write-down had been agreed in principle with Morley Fund Management, the company that owns the bond which paid for the building of the new stands. This makes up £28 million of the Blues' overall £36 million debt.

The write-down agreement, which we understand would have brought the bond debt down below £10 million, was dependent on the club securing enough investment to settle the reduced debt with Morley and provide manager Jim Magilton with a significant amount of transfer cash to take the club forward.

Town will continue to look for new investment, but the lack of new money for the season ahead means that the Blues are on a far from level playing field up against relegated clubs with parachute payments and sides such as Leicester City which have received significant sums from new investment over the summer.

Sheepshanks says that the lack of new investment does not mean players will have to be sold.

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