Birmingham City acting chairman Peter Pannu has admitted that the club needs to sell some of its players during the January transfer window in order to avoid falling into administration.
Pannu is hoping to negotiate a takeover at St Andrew's as soon as possible, although the Blues require immediate cash.
"We need to ensure that we do not go in to administration by raising some funds," said Pannu.
"It may be the case that further disposal will have to be made to maintain the cash flow."
England goalkeeper Jack Butland is considered to be Birmingham's most valuable asset and the 19-year-old stopper is reportedly a target for West Ham United and Liverpool.
