Caldwell working with reduced Exeter budget

Gary Caldwell has been Exeter City manager since October 2022

Exeter City manager Gary Caldwell says his budget this summer is lower than he had at the start of the year.

The Grecians, who have earned around £5m in transfers over the previous two windows, had increased the budget in January.

But Caldwell says his budget for the start of this season is the same as it was 12 months ago.

"When I signed up for the job I knew that the budget was always going to be a lower budget in League One," Caldwell told BBC Radio Devon.

"In every single window we've increased the budget since I've been here.

"This is the first time we haven't done that, the budget is actually the same as it was last season, but it was increased in January.

"So that has been challenging in a sense that it has changed from what it was in January, but I signed up for this job knowing we were not going to have a big budget.

"It's up to me to put the best team together, but as I've always said: I'd like more money and try and get more players to create more depth in the squad, but at this moment in time the club can't do that."

The Grecians have been grateful to their academy in recent years for bringing in large transfer sums.

A sell-on clause for Jay Stansfield's reported £15m move to Birmingham City last summer made up the bulk of last year's £5m earnings, along with a £1.5m sale of Millenic Alli to Luton Town in January.

Luton and Exeter are still to agree compensation for Jake Richards after the 17-year-old midfielder turned down a professional deal at St James Park to move to the Hatters this summer.

It comes as the club has also sold the likes of Sam Nombe, Will Aimson and Josh Key for big fees during Caldwell's time as manager.

"I think our recruitment has been really good," Caldwell added.

"We always know that we not only have to sign players to get them in the team, but to develop them and potentially sell them.

"That's something I've never been afraid of – in January when we were in a difficult situation and the offer came in for Milli I understood the model of the football club and at that point it's a no-brainer, we have to make the sale.

"It's up to us to try and replace those players and do it again.

"We're under no illusions that season's going to be extremely difficult, it's going to be extremely challenging, but I think at Exeter City in my time here we've always faced those challenges head-on."