Blue Square Premier side Grays Athletic have been forced to ask their players and staff to take a 50% pay cut.

Athletic have been hit by the withdrawal of three major sponsors due to the credit crunch.

The club have told the players affected by the decision they are free to leave the club with immediate effect.

Chairman Mick Woodward told the BBC Non-League Football Show: "If they want to go, we will release them out on loan and tear up their deals in January."

He continued: "Some can stay and be part of the club.

"We've had a meeting with the contracted players and been totally straight with them.

"We're not going to have a situation where at the end of the season we have to tell the players we can't pay them.

"We're not going to allow this club to keep on and on to try and buy success and build up a huge bill, I'm not going to do that."

Grays are currently third from bottom of the Blue Square Premier and have picked up just one point from their last five league games.

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