David Gold has defended this week's sale of Jermaine Pennant and has promised the club's supporters that every penny it produced will be reinvested in the first team.
The Birmingham City chairman also said last night that Steve Bruce was on the tail of two 'high-profile' players whom he hoped to bring to the club before the season kicks off and that the manager had a kitty of £7 million to find a replacement for Pennant.
His message to the fans was designed to head off any mounting resentment at the winger's departure and can be seen as an explanation of a change in the board's originally stated policy of not being a selling club.
Gold expressed his determination to guide Birmingham back into the Premiership and his disappointment at Pennant's move to Liverpool. But he also outlined the business case behind the decision.
"Some of you would think that we should still have said no at the £6.7m offer potentially rising to over £8m, but you have to take many different factors into account," Gold said.
"When a player like Jermaine has the offer of playing for a club like Liverpool, who he supported as a youngster, it is very difficult to stop the player from being interested and you have to take into account what you would be left with when you have blocked a dream move for a player like that.
"Yes, we would all love Jermaine in our team and helping us get promoted but there is a danger that you get left with a player who begrudges the club for standing in his way and suddenly that £8m player is worth only £500,000 and has lost his passion for the club."
He made a commitment to use the Pennant money to rebuild the side, a process which was well under way. "The situation we have now is that we will reinvest all the money back into the team and we have an extra £7million to invest in new blood and to find a replacement for Jermaine," he added. "I know he [Bruce] is working tirelessly to bring in at least two high-profile players to add to the squad before the season starts."