The Terriers are a reported �6m in the red and still have players on First Division wages.

The board do not want to follow Yorkshire neighbours Barnsley in going into administration and so will look to cut costs by following the example recently set by Watford.

"All clubs are struggling because of the ITV Digital collapse and the stagnant transfer market and we are no different," chairman David Taylor told the Huddersfield Examiner newspaper.

"We are finding it difficult to make ends meet.

"The wages we are paying out vastly exceed our income and it has been suggested by the Football League we try and address the problem with our players.

"We still have quite a lot of players who are on good First Division wages and yet we are in the Second.

"It's not the players' fault because the financial climate in the game was different when they negotiated their terms, but I will put it to them that we need their help right now.

"We also need the continued help of our supporters and the general business public to see us through a serious situation."

Taylor is set to meet with senior players on Wednesday but will not be involving the club's younger squad members or recent signings, who are being employed "on realistic terms."

Midfield men Kenny Irons and Chris Holland have already reportedly agreed to accept staged payments - rather than one large slice - of their latest signing-on instalments.