Karren Brady has declared Birmingham City's intention to try to hold on to the club's 'jewels' - striker Emile Heskey and defender Matthew Upson - if they are relegated from the Premiership.
But the managing director conceded that "one or two" illustrious members of Steve Bruce's squad would have to be sold for financial reasons if they do not manage to retain their place at the top table.
Brady also revealed one third of the players at St Andrew's would be taking a wage cut if Blues' four-year tenure in the Premiership comes to an end.
"If we go down, turnover would be reduced by approximately £17 million to £20 million. Eight play-ers' contracts could be terminated by natural cause, as they are due to be out of contract in the summer," Brady said.
"There are also others who have clauses within their contracts which allow us to terminate their deals, should we wish to. We would try to retain players the best we could, but we also have to be realistic."
As regards England internationals Heskey and Upson, Brady stressed the club would look for other ways to cut costs, rather than cashing in on their prized assets.
"Those two are the jewels. Ideally, we would like to hang on to them if we did go down. There are lots of ways to make savings," she said.
Meanwhile, Ingi Hojsted's failure to adapt to the physical side of the English game was the reason for Birmingham terminating his contract, according to reserve-team boss Keith Bertschin.
The 20-year-old Faroese midfielder has left St Andrew's, less than six months after joining the club from Faroe Islands side B36 T?rshavn.
"He was a super guy, but the physical element was a bit hard for him," said Bertschin. "Where he's played his football in the past, it's been much more touch and pass. Technically, he was okay, but there were a lot of people who went past him and deserved to play and I couldn't give him a game."