League One progressing faster than Exeter - Caldwell

Gary Caldwell is approaching the third anniversary of his appointment as Exeter City manager

Exeter City manager Gary Caldwell says the financial issues surrounding the club show how competitive League One has become.

The fan-owned club appointed Richard Pym as chairman on Tuesday following a number of resignations over the summer.

They came after the club overspent on its budget and had to go to the Trust for additional funds.

It has led to City having a reduced playing budget this season.

"I think the reality of the last three years is probably hitting home that the league is progressing at a rate that's much quicker than how we are progressing as a football club in terms of finances and that gap is widening every year," Caldwell told BBC Radio Devon.

"So whilst we are staying in the league, actually the league's becoming tougher rather than easier and that challenge is a big one and this summer has probably hit home really hard.

"We've had to make some changes to budgets and different things, but the challenge is one that everyone at the football club wants to take on.

"We've obviously made some changes at boardroom level which I think the club has been really upfront and honest about and gives the supporters, who are ultimately our owners, as much information as we can to say we are trying to make steps and take steps to move this club forward."

Exeter are in their fourth successive season in the third tier of English football - their longest spell at that level since the early 1990s.

In that time the club has built new training facilities and a new stand at St James Park.

Caldwell says the club has regularly punched above its weight when compared to the budgets available to their rivals in League One.

"I think we've been seven, 10 and six places above our financial budget in the financial table - I'm sure the EFL released something this year that 80% of that table was where you finish in terms of your finances," he added.

"So we know the challenge, we know it's big, but I haven't seen anyone in my time here take a backward step from that challenge.

"Everyone does their job and a little bit more to try and get the best for Exeter City and I think at this moment in time it's probably a bit of a time for change and what does the future look like at League One for our football club?

"It's for people above me to make those calls, but all I know is that the support I get from everyone at the club is first-class and it gives me an opportunity to do my job as best I can."