Grays Athletic have clarified their financial situation after two major sponsors withdrew earlier this week.

On Monday the club asked players to take a 50% paycut to safeguard the Blue Square Premier club's future.

Owner Mick Woodward has told BBC Essex those two are not their shirt sponsors Galliard and Fairview Homes, but two who were due to come in in December.

But as a result of the current financial climate the new backers have announced they cannot commit to Grays.

The club have also announced the departures of first-team coaches Neil Smith and Tim O'Shea, who were part of the set-up when Woodward was manager.

Woodward said: "Both coaches have been fantastic to work with and have been an asset to the team.

"I would like to take this opportunity to wish them both the very best for their future."

Meanwhile, midfielder Mark Molesley has joined Bournemouth on loan until 1 January.

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