Russell is set to join Exeter City permanently at the end of the season

Exeter City are set to sign Cheltenham Town midfielder Alex Russell on loan with a view to a permanent move at the end of the season.

The 35-year-old is due at City's Cat & Fiddle Training Ground on Thursday for a medical before completing his move.

Robins boss Martin Allen told BBC Radio Gloucestershire the decision to release Russell was not his and described it as a "cost-cutting measure".

Russell, who has played more than 450 games, only joined Town in the summer.

"Financially, at the moment it's the best thing for this football club," added Allen.

"Is it the best thing for the team? No. But bills have to be played. The finances are the most important thing at this football club at the moment."

Experienced Russell is no stranger to Devon having spent four years at Exeter's rivals Torquay United from 2001-2005.

He made more than 150 appearances for the Gulls as well as having spells at Northampton Town, Rochdale, Bristol City and Cambridge United.

"Alex is an experienced midfielder who is known for his superb passing ability. We hope to have everything completed on Thursday," City director of football Steve Perryman told the club website.

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