Matthew Bound, Steve Watkin, John Williams, David Romo, Nicholas Metsina, Jason Smith, Michael Keegan have all been given their marching orders.

Furthermore, Damian Lacey, Richard Appleby, Jonathan Coates, Chris O'Leary, Michael Howard, Roger Freestone, Lee Jenkins, and captain Nick Cusack have been offered revised contracts.

Petty has asked them to accept a pay cut of up to 70 percent or the option of a free transfer.

The full squad were told of the cuts in a meeting on Wednesday morning.

Captain Nick Cusack told BBC Wales Sport that he has spent most of the morning seeking advice from the Professional Footballers Association.

Cusack said: "We have been talking to the PFA and to the club looking for ways out of this crisis.

"The PFA have processes to deal with this sort of situation. It's not unprecedented but obviously the players involved are devastated.

Jeopardy

"We've signed contracts in good faith; we honour those contracts and it's up to the club to honour them as well.

"We're also devastated for the players who have mortgages and families and have been told they won't be paid.

"Contracts are protected through the Football League and through the PFA and we will fight this strenuously. This puts the whole future of the club in jeopardy."

However, Cusack was quick to assure Swansea's fans that the players have no intention of going on strike and will continue to do their best on the pitch for their club.