City Chief Executive Graham Hover said "Peter Reid is under no illusions and knows that in terms of paying out fees for players, he has nothing to play with."
"The bank have put us under a great deal of pressure to reduce our debts and the prospect of £1 million certainly keeps the wolf from the door.
"Supporters have to realise that in this day and age it is extremely rare for us to be able to command fees for players and that in 12 months time Youssef Safri could have left the club on a free transfer.
"Youssef was on a good salary and that will now be available to the manager to use on other players he wants to bring in."
"Peter has been working very hard to identify and hold talks with players he wants to bring in. "He has been working out in Portugal but we have spoken every day and I know he has been in contact with a lot of agents who have been out at the European Championships themselves, so there is plenty of work going on behind the scenes.
"I can understand the supporters' frustrations but hopefully things will start moving now that we are moving closer to the pre-season."
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