Kirkland's departure to Liverpool was a financial necessity.

Coventry City was under the burden of a multi-million pound debt even while it was still in the Premiership. Relegation has sharpened the financial screw - costing the club at least £15 million in lost TV money and sponsorship.

Speaking to the Daily Express today, chairman Bryan Richardson revealed more about the club's financial situation:

"The reality of relegation from the Premiership is that our income is already between £15-17 million down. That represents the loss of revenue from TV money and sponsorship. It's a massive amount and really quite frightening.

"The average wage bill of the Nationwide First Division is £7-8 million and ours is £16 million. Clearly we have to do something about that."

With Liverpool's record-breaking offer for Kirkland the England U-21 goalie was clearly one of City's most saleable assets.

The chairman could do little but accept - the lure of a multi-million pay-off for a player that came up through the juniors was too much.

It is reported that Kirkland has signed a six-year deal with Liverpool who have agreed a fee with City of around £8 million dependent on appearances.

It was thought that Liverpool made the last minute bid for the Coventry goalie after their deal to sign Feyenoord’s Polish keeper Jurzey Dudek deal fell through.

But it later emerged that the Anfield club have in fact signed both Dudek and Kirkland to provide them with goalkeeping cover for their double assault on the Premiership title and the Champions League.

With Sandor Westerveld the first choice Liverpool keeper at the moment, the two new arrivals on Merseyside will bring fierce competition for his place.

The reaction amongst City fans to the sale of another of the clubs few remaining top class players seems to have been a mixture of shock, dismay and resignation.

The one ray of hope must be that the planned sale of Magnus Hedman to Everton now seems to have come unstuck as the Toffees' board are rumoured to have imposed a transfer freeze to help curb growing debts.