Stuart McCall is considering his Bradford City future after being offered a new one-year contract worth almost 60 per cent less than his current deal.
McCall, who defied injury to play in City's last Premiership match of the season at Coventry on Saturday, learned of the offer at a meeting with manager Jim Jefferies yesterday.
McCall, who is 37 next month, said: "When I spoke to Jim Jefferies I realised the club have got to be looking to make cuts.
"I accepted that when I went in to see him, but I was a little bit stunned with the offer which is almost 60 per cent less than I earn at the moment.
"I know Jim Jefferies would like to keep me next season and he knows how much I want to be here.
"I also know that things are tight at the club and I knew I would have to take a drop, but I am disappointed at the offer. I will wait and see what happens. I am still a bit stunned at the moment."
McCall, who began his career as an apprentice with City 21 years ago, re-joined the club from Rangers in the 1998 close season on a three-year contract that expires this summer.
A year ago he joined the club's management team under Chris Hutchings when Paul Jewell left for Sheffield Wednesday.
He was given extra money in a one-year player-coaching deal that also runs out this summer.
The new offer the club have made to him is as a player only.
McCall's experience and battling qualities will be invaluable if City are to make a realistic promotion challenge next season.
But the economies City must make may affect the strength of the squad Jefferies is able to assemble.
McCall led City to the top flight in his first season back at Valley Parade and he would like nothing more than to lead them back to the Premiership next time.
He said: "Apart from the first 45 minutes of the first half against Leeds United a week last Sunday, in the last couple of months I have been optimistic about next season.
"I was looking forward to playing next season and having a right go at bouncing back.
"It might be my last season as a professional.
"However, the word from the club seems to be there have got to be cutbacks and maybe it won't be a simple case of bouncing straight back.
"I would still love to be given a chance to try to help them to win promotion, though."
Jefferies has also made new offers to Robert Molenaar and Eoin Jess.
Dean Saunders, Billy McKinlay and Ian Nolan have been released as well as youngsters Guiseppe Lo Piccolo, Garry Tyson and James Rutherford.
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