The Crusaders players are now considering the proposition and are to decide on their future in the coming days.
The move has been made as part of a restructure of the club to bring it’s expenditure back in line with revenue, pay off historic debt, and to create a more attractive proposition to potential investors.
Chairmain Ian Edwards has spoke about the restructure and how it will affect the club in the future.
“This is a tough call, particularly for our loyal players,” Edwards told the club’s official website.
“However, we have had to reset our cost base to ensure a sustainable future for the club. With this new budget, we will able to live within our resources and meet our obligations.
“It forms part of a major restructure at the club, which will bring all our fans and stakeholders together and help us build for the future.
“I would like to place on record our thanks to the coaches and players for their professional approach to what is a challenging situation.”