There was a 'massive overspend' at League One Shrewsbury Town last season according to their director of football Micky Moore.
He went on to admit the club 'can not operate at that level'.
"The budget is exactly the same as it was last year," said Moore as reported by the Shropshire Star.
"But last year there was a massive overspend. The overspend was not sustainable.
"The volume of money that was being spent was the highest this club, in 137 years it has ever spent.
"This football club has sustained League One football but last year was not sustainable. I would hate to think where the football club would have ended up if it had stayed on that path.
"Right here, right now. We have a sustainable model and one that is going to hopefully keep us in League One this year.
"The accounts will come out and the fans will be able to see where the club is financially.
"Covid has hit the reserves of this football club, and whatever was left of the reserves and whatever was left of those reserves has been eaten up in an overspend from last season.
"It could not continue."