Peterborough United’s owners deserve to be awarded the ‘Freedom of the City’ for their work at the football club

Fry made his comment after surveying the financial plight of several rival Championship clubs. The veteran wheeler-dealer spoke as the EFL revealed Championship rivals Derby County Reading and Hull City are currently operating under transfer restrictions.

Fry said: “It can’t be easy to be a club owner at the moment. Clubs have effectively had no income for 18 months and yet they still have fans clamouring for success so money they don’t really have continues to be spent.

“But we can now compete financially as we have owners prepared to back us.

“Our owners deserve the ‘Freedom of Peterborough’ for what they’ve done. They’ve financed a promotion push, bought the stadium back and funded a new Academy status.

“They’ve spent money in the transfer market this summer as well. Okay we’ve had some money come in as well, but we are a very stable club compared to many at our level.

“Many Championship clubs are already under a transfer embargo and to be fair to the EFL they’ve probably done the right thing as clubs need saving from themselves.”

The EFL have publicly pledged to keep a tight check on the finances of all their clubs.

It was reported earlier this week that 10 clubs are already under close scrutiny. Not all are in the Championship.

Derby County, who visit the Weston Homes Stadium on the second Saturday of the Championship season on August 14, are one club with well publicised financial difficulties.