Ken Dulieu has said that Coventry City will not break their budget to keep Sammy Clingan and Martin Cranie at the club.
Both are out of contract on June 30th 2012 but have been offered new deals. However, Mr Dulieu says that the club won't break their budget to keep them.
"We don't want to lose those players but we cannot afford to breach our wage structure because that way is bankruptcy," Mr Dulieu told the Coventry Observer's Steve Carpenter.
"The average wage for a player in the Championship is around £4,000, now if players come to us and ask for £12,000, we simply can't afford it.
"Some players are demanding those high wages, but you always get that and that's not always necessarily the players, they can be driven by the agents.
"It's my job to negotiate the contracts that are currently on the table and if some of our players who are coming out of contract believe they can double their money elsewhere, then that is quite an emotional pull.
"But we've got to keep to within our wage structure to make sure we don't become insolvent again or go down the route we have gone down in the past."