The Blues have not made any signings during the close season and have also been unable to make significant sales in order to give the manager David Moyes funds to spend.
Kenwright told Sky: "There are two things: one, the world is in a recession and I don't know any business that isn't suffering at the moment, and I include football in that, other than the financial elite.
"And two, we've come to a stage with our bank with our finance where we just can't borrow any more. You've been at the AGMs, EGMs, the shareholders' meeting when I've said year after year, what we do is we beg and borrow from the bank. That's what we've been doing.
"The banks are tightening in now. We just can't borrow any more money. A, to protect the football club and B, to protect the fans.
"We knew this summer we were going to get to a point where things were going to get very, very tight. We knew we had to trade. There has not been a lot of trading in football itself this summer. We've not been able to trade yet and that's the reason that we've not brought in a new player."
Original Source: The Guardian
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