Gillingham's main sponsor has announced it is to cut its financial backing by 50% following the club's relegation to League Two.

The Kent Reliance Building Society signed a three-year sponsorship deal with the club last year but it was based on success on the field.

KRBS chief executive Mike Lazenby said he hoped the relationship with the club would still continue.

But a Gillingham spokesman refused to comment on contractual arrangements.

Mr Lazenby said his company's decision was a "matter of economics".

At the level they're currently at there's a price we're not prepared to go above Mike Lazenby, chief executive of KRBS

"You can't pay more than their sponsorship is worth.

"If Gillingham had been promoted we'd have been paying them a lot more money and we would have been happy to do so.

"But there's a price for every type of sponsorship and at the level they're currently at there's a price we're not prepared to go above," he added.

Meanwhile Gillingham have announced they are on course to sell more season tickets this year despite their relegation.

The club say sales are up 20% on last year's figures.