With just over two weeks to go before the start of the new season, the Owls have signed only two new players – Burnley's James O'Connor on a free transfer and Chelsea's Jimmy Smith on loan – and are £27m in debt.

A consortium led by Lancashire-based businessman Geoff Sheard is keen to invest new money at Hillsborough but the deal is currently on hold pending a ballot by fans group Wednesdayite who control a
10 per cent stake in the Championship club.

Former chairman Dave Allen has agreed to sell his 10 per cent stake but director Geoff Hulley and former director Keith Addy still need convincing.

During the absence of new investment, the club's wage budget will not extend to the signing of any more new players – unless others move on.

In an interview with the Yorkshire Post, Laws admitted: "We have got to a stage where we have two new players and the only way to bring anyone else in is by others leaving – but there is no pressure to sell to survive because the debt is not increasing, we are keeping it at a workable level.

"We want to keep this squad together and we want to keep the good young players we have," he stressed. "We are not interested in selling any of them. The only ones we would sell are on the fringes."

Laws insisted that, contrary to media reports, there had been no bids for highly-rated defenders Mark Beevers, Richard Wood or Frank Simek.