Morecambe have confirmed that veteran Nick Fenton has had his contract terminated by the League Two club.
Manager Jim Bentley had hoped the defender would sign a new deal, but financial constraints have prevented him from making a suitable offer.
And Bentley told BBC Radio Lancashire that he was "devastated" to see the 33-year-old leave the Globe Arena.
"Nick wanted to stay at the club and we wanted him to stay at the club, but we can't make ends meet," he said.
"We've agreed to pay his contract up and he'll leave the club. That wobbles you because he's a big figure in the dressing room and the type of player that others look up to.
"I put the news to them [the squad] that he's leaving and it's sad to see. I'm devastated because he's a great lad."
Fenton, who is training to be a physiotherapist, has not played since 23 March because of a calf problem and missed the on Friday.
He joined the Shrimps in 2011 and featured 82 times for the club, scoring four goals.
and have already agreed new contracts with Morecambe, but boss Bentley - who admitted to BBC Late Kick Off North West that it is a "battle" to manage the Shrimps - fears his low budget will result in
"Nick wanted to stay but we're just not in a position to be able to do it," added Bentley. "There might be one or two more [leaving]. Whatever happens, we'll battle on and we'll get a competitive squad together to go again next season."