Glentoran manager Scott Young has released long serving defender and club captain Paul Leeman.
Young said that the club's financial plight had forced him to release Leeman even though the player had offered to take a significant wage cut.
"Ideally I'd have loved to have offered Paul a new contract," Young told the Glentoran website.
"But unfortunately the current financial position meant that I would still have exceeded my budget."
The 2011-12 season brings with it the introduction of a salary cost protocol where each club will have to conform to a rigid wage structure, with only a percentage of the club's 'allowable income' permitted to be used for wages.
Leeman grew up close to the Oval and attended the nearby Mersey Street Primary School.
He was the fourth generation of his family to play for the Glens.
In his 15 years at the club, Leeman played 597 games and he captained the side to Irish League and cup titles.
"He has been a magnificent servant to this club and epitomises everything that is Glentoran," added Young.
"It was certainly a hard call to make.
"I'd like to thank Paul for everything he's given to Glentoran Football Club and wish him all the best for the future."