Franklin will not be returning to Glamorgan in 2007

"It's entirely down to money - we won't have an overseas player in 2007, but will look at it again in 2008," Dragons chairman Paul Russell told BBC Sport.

The news will increase the misery felt by Welsh cricket fans.

This season Glamorgan were relegated from the Pro40, ended second from bottom in the County Championship and were poor in knockout competitions.

The senior players will have to take more responsibility and supply the extra runs and wickets Glamorgan captain David Hemp

"It's been disappointing to say the least, in all tournaments," said Russell.

"We have talented and able players, but they're yet to gel so they are a poor team - but I feel we can be a good one.

"There hasn't been a happy balance between youth and experience with the talented youngsters not getting the help they needed from the senior players - but the senior guys have been struggling for form.

"We will have a management meeting in mid-October when we will assess our season. Everyone will be under review - myself, the coach, the chief executive."

Glamorgan have made it a policy to rely on home-grown talent and have been steadfast in their refusal to recruit Kolpak players.

Richards was one of Glamorgan's most successful overseas stars

But international stars have made a significant impact at the Welsh county, and Russell insists that finance is the only reason for not looking overseas in 2007.

"Since 1999 we have made cumulative losses of nearly �1m and have paid over �1.4m in interest to the banks following the first stage of development at Sophia Gardens," said Russell.

"But as difficult as things have been, I can see the team developing and a bright future.

"There are a lot of talented youngsters and we have an Ashes Test coming in 2009. What is needed is courage and patience."

New Glamorgan captain David Hemp accepted that the overseas decision will increase the pressure on the senior players at the county.

"We will have to take more responsibility and supply the extra runs and wickets that an international star might have gathered," Hemp told BBC Sport Wales.

"But it's also a great opportunity for the younger players to come through.

"It was a hugely disappointing end to the season, but hard work is the only answer - from the most seasoned player to the most junior."

Obviously the players would have preferred to have heard that Shane Warne and Stephen Fleming were coming in Paul Russell

Russell said that the dressing room accepted the overseas decision in a mature way.

"Obviously they would have preferred to have heard that Shane Warne and Stephen Fleming were coming in, but they understood and accepted the plan," he said.

"There's not necessarily a correlation between overseas input and success. Durham made the greatest use of international players last season and were unsuccessful."

Australian Matthew Elliott had expressed an interest in returning to Wales for 2007, but his hopes will be thwarted.

James Franklin and Mark Cosgrove were Glamorgan's overseas stars in 2006, Brendon McCullum stepping in for a spell when Cosgrove was on Australia duty.