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Blues boss Steve Bruce has eight players injured and four players facing suspensions and Sullivan has insisted that there would be significant activity when the transfer window opens on New Years Day.
“All I can say is that a million phones calls are going out and we’re trying to get players in right now," Sullivan told the B'ham Evening Mail.
“Myself, the board and the manager are working very hard because we know the seriousness of the situation. We’re miles from a crisis but the alarm bells are ringing. We’re well aware that we’re being crippled by injuries and suspensions.
“We’ve got one player done and dusted - Ferdinand Coly - and we’re 80 or 90 per cent there on a forward. We’re also trying for a centre-half and left-back.”
“We have always been mindful of lumbering ourselves with bills and going down into Division One. But we are now veering to an approach that might see us end up like a Leicester City or a Derby County.
“It’s striking the balance between being business-like, sensible and becoming all gung-ho, gambling on bankruptcy. We’ve decided to change like this because, as Robbie, the manager Steve Bruce and the fans, the board are ambitious and want us to remain where we are.”
“We have got bids out to fellow Premiership clubs and are waiting for them to come back to us - and we’re not just talking about loans from elsewhere because players and clubs just don’t want to do that. They want guarantees.
“We’re actually trying to buy permanently, which shows how serious we are because it will probably come to a situation that if we do get who we want in and everyone then gets fit, we’ll be loaded up with a whole lot of players and a massive, massive wage bill.”
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