By Matt Majendie BBC Sport

Holland looks set to stay if Ipswich are promoted

In May 2001, morale at Portman Road was at its highest since the heady times of Sir Bobby Robson.

The club had just finished fifth in the Premiership, qualifying for Europe in the process, and talk had already moved on to the signing of big name players.

And at that, Ipswich's two-year demise began.

Nigeria's Finidi George was among those brought in on arguably excessive wages the club was unable to meet when they succumbed to the drop at the end of the 2001/2 season.

The parachute payment made to Ipswich for their fall to the Nationwide league only briefly curtailed the problem.

And when Matt Holland's lucrative move to Aston Villa and Hermann Hreidarsson's switch to West Bromwich Albion both fell through, the club began to feel the pinch.

Ipswich's downward spiral May 2001: Fifth in Premiership May 2002: Relegated to Division One July 2002: Burley warns of player exodus Aug 2002: Holland, Hreidarsson pledge future to Ipswich Sept 2002: Slip to 21st in Division One Oct 2002: Burley sacked Feb 2003: Club apply for temporary administration March 2003: Ambrose joins Newcastle

Uncertainty off the field led to lacklustre performances and manager George Burley was made to pay for that slump.

Since then new boss Joe Royle has turned around on-field fortunes, Ipswich are unbeaten in their last eight games and lie one place off the play-offs.

But off the pitch, the club remain in dire straits and are in their second month of administration to settle their plight.

Royle was forced to act above and beyond the call of duty for an away trip when a hotel refused to accept a pre-written cheque from Ipswich for the squad's bill.

The new manager was forced to guarantee the money with his own credit card.

Other reports suggest the position is so precarious, telephones at Portman Road were cut off after bills were not paid.

Suffice to say that lack of money has led, on a daily basis, to Ipswich players being linked with moves elsewhere more than any other club at present.

Ambrose signs for Magpies

A loophole in the transfer window for clubs in administration allowed Darren Ambrose, one of the most exciting teenagers outside of the top flight, to join Newcastle for �1m.

And Hreidarsson also looks on his way out to Portsmouth before the end of the week despite Ipswich being highly unlikely to recoup anywhere near the �4.5m they paid for him back in 2000.

These sales were a necessity in our current situation and the matter was out of our hands Ipswich chairman David Sheepshanks on Ambrose and Hreidarsson

While the club's position is unenviable as they bid for a financially crucial return to the top flight, the expected late season exodus is expected to end after the pair's departure.

Reports linking club captain Matt Holland to a host of Premiership clubs are premature as well as the "imminent" departure of Darren Bent.

The revenue from the sale of Ambrose and Hreidarsson looks sufficient to see the club through to the end of the season.

Should they achieve promotion - still a highly realistic target - the flurry of sales will end and the club will have learnt from previous Premiership overspending.

If they cannot make the step up, Holland and Bent look set to exit rapidly from East Anglia among others and darker times for Ipswich loom.

And all chairman David Sheepshanks can do is go along with what is financially necessary.

Of the departure of Ambrose and Hreidarsson, he said: "The matter was largely out of our hands."