Charlton's Alan Pardew has become the first leading manager to publicly declare that he is feeling the pinch from the downturn in the economy.

Financial constraints have been placed on The Addicks boss, who has been forced to sell high earners Marcus Bent, Chris Iwelumo and defender Madjid Bougherra to help balance the books, now looks certain to lose China captain and key midfielder Zheng Zhi, possibly to West Bromwich Albion.

"The economic squeeze has hit football, like it has everywhere else," said Pardew.

"There is a substantial bid on the table for Zheng Zhi which our board are considering."

He disclosed: "I have been asked by the board to raise £5 million and chop about £3 million off the wage bill plus another £400,000 off the staff bill.

"There are some decisions which I cannot dictate. One is the finance needed to keep this club afloat and I will never intefere with that because at the end of the day the club must survive.

"The bottom line is the security of Charlton Athletic Football Club and if the board say that players must go then they have to go.

"It's a tough call because I want to make the team stronger but it's not a situation that daunts me because I'm looking forward to the season and watching our young players develop.

"I think we'll be judged at the end of September exactly where we are. I think we still have a bit to do in bringing some nous into this team."

Pardew confessed interest in Portsmouth central defender Martin Crainie, adding:

"There is an outside chance of bringing in a couple of players this week.

"It's all down to finance. We have players who want to come here and managers who are prepared to sell.

"It's difficult to negotiate but I can assure our supporters that we're doing our best to get the right players in.

"Martin Crainie is a players we have made a phone call about but it would be disrespectful to Portsmouth to elaborate."