Debts force Ipswich to accept £4m for Holland

David Sheepshanks, the Ipswich Town chairman, has blamed the economic fall-out of the club's relegation from the Premiership for the decision to sell Matt Holland to Aston Villa.

The two clubs yesterday agreed a fee, believed to be in the region of £4m, for the Republic of Ireland midfielder. Sheepshanks said Ipswich did not want to sell one of their prized assets – especially after Titus Bramble's departure to Newcastle United in the summer for £5m – but off-the-field pressures forced the First Division club's hand.

"We have most reluctantly agreed a fee with Aston Villa for Matt Holland," Sheepshanks said. "It is the consequence of relegation at a time that the football market is depressed. Since our relegation, we undertook to inform Matt of any Premiership interest. He will meet with Aston Villa on his return to the UK. His agent is already in discussion with them.

"As agonising and painful as this decision has been for the directors, [the manager] George Burley and myself, this sale was a necessity and it helps to stabilise our financial position."

He added: "I know all supporters will share our dismay at having to part with such a special player. However, I warned in the middle of last season and on many occasions since of the serious consequences of relegation for our club."

The player, with the Republic yesterday for a friendly in Finland, was aware of the club's financial situation and was realistic about the decision to sell him. "Unfortunately, although I know the club does not want to sell me, the reality of the balance sheet is that money needs to be raised," he said.

Sheepshanks blamed the loss of television revenue following Ipswich's relegation from the Premiership last season for the club's selling policy. "The stark facts are that our television income last year amounted to over £20m – this year in the Football League it is unlikely to amount to more than £750,000 – a gap of nearly £20m," he said. "We receive a para-chute [payment] of around £5m, which bridges only a quarter of the shortfall and even less when the inevitable decline of commercial income is added the equation. In anybody's language this is a gap of £15m.

"We negotiated to achieve the highest prices possible but supporters will understand there was no competition from other clubs bidding.

"In other words, the Villa bid for Matt Holland was the only bid on the table."

David Beckham has signed a multi-million pound deal to publish what he called his "first real autobiography".

The England and Manchester United midfielder promises to reveal details of his career and private life "in my own words for the first time". The book, to be published by HarperCollins in the autumn of next year, follows Dean Freeman's photographic portrait of the player in Beckham: My World two years ago.

Beckham said: "Although I have been involved in one or two book projects before, this will be my first autobiography. I reckon I have had a pretty interesting career so far and am looking forward to telling my story in my own words for the first time." A HarperCollins spokeswoman refused to disclose the exact sum but confirmed it was a "multi-million pound" deal.

Roy Keane will learn at the start of next month whether he will be charged with misconduct by the Football Association after his apparent admission in his autobiography that he targeted Alf-Inge Haaland in a now-infamous tackle in April last year.

If he is found guilty of bringing the game into disrepute, he could then face a suspension of up to four matches, but the FA will wait until it has studied the full passage in the book, rather than rather than rely on serialised extracts in the press.