Speaker to the Official Club Website, Sheepshanks said: "It would have been irresponsible of the Board not to listen to offers as long as they met a valuation for a player in those circumstances.
"To let Darren Bent go out of contract and risk getting some paltry sum from a tribunal because he is under 23 would not have been the right thing to do.
"It hurts like hell to let him go but it's the responsibility of the Board to get the best value for Darren and I think we have done that.
"People are talking about a Premiership player like Jon Stead costing around £1.5m and we are getting £2.5m, maybe £3m for Darren so I think it's very good business, very good value but it still hurts like hell to see him go.
"The move for Kelvin was unexpected and we've had a seven figure bid from Sunderland for him. Again we have to listen to that. Like Darren he has one year left on his contract and if he serves that out, he will be able to walk away next summer for nothing.
"There will be money available if Kelvin does go. I can't say how much. It will not be a lot but that's reality of the situation we are in. That is one of the repercussions of not winning promotion.
"I can understand how unsettling it is for the fans when they see players leave. We all want a team that is going to compete next year. We all want to be successful. We all want to be back in the Premiership but it has to be balanced with financial reality."