Owners to cover cost of new signings

Last updated : 08 January 2003 By Brian Cartlidge
With the signings of Ipswich defender Jamie Clapham and Tottenham midfielder Stephen Clemence due to be completed this week, Blues will have signed four players since the transfer window opened on January 1st - Lens full-back Ferdinand Coly and Bordeaux striker Christophe Dugarry having already been snapped-up on loan deals in a bid to secure Blues' Premiership status.

But the Blues' board have revealed that they have been forced to finance these deals out of their own pockets after their bankers had refused further funds.

"If we are to spend money to ensure our survival it should be our own so we don't endanger our great club," David Gold told Sky Sports News.

"It's painful but then again the fans put hands in pockets week in, week out and it can be painful when they've got a trip to Middlesbrough or Newcastle."

"I'd hate to go down as a chairman that takes a club into administration. It must be the most devastating thing that can happen to anybody.

"We all get very excited, but what stares most clubs in the face is relegation, and if you look at the clubs relegated in the 10 years of the Premiership most pepper the First and Second Divisions and a good deal are in administration or have been."

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