Middlesbrough chairman Steve Gibson has revealed relegation cost the club £25million in income.
Gibson has come under fire from sections of the club's support after selling Stewart Downing, Robert Huth, Tuncay Sanli and Afonso Alves over the summer, but he insists the Teessiders had little choice.
"During the summer we had a huge drop in income. Our income last year was about £55million and being relegated reduced that to £30million, so you have got a £25million deficit," he told the club's official website.
"You have got to do it. There is a temptation to try to hang on to your favourite players but at the end of it you have a sum of money that you have got to raise and as soon as that comes in, you have to take the offers.
"We are in a position now to re-invest in the squad - and let's put it into context. We are a very well resourced Championship club. In terms of resource, we can compete with anything in this league.
"Maybe Newcastle are double what we are in terms of income, but other than Newcastle we can compete with anybody in this league."
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