Jason Holt has exercised his relegation clause at Livingston and will leave the West Lothian club at the end of the season.
The 31-year-old midfielder signed for the Lions from Rangers in 2020 and had been an integral part of David Martindale’s side who – with two fixtures remaining – are guaranteed to finish bottom of the cinch Premiership.
Holt signed a two-year contract extension last April which would take him up to the end of the 2024/25 season but Livi boss Martindale revealed the former Hearts player would depart as he prepared for budget cuts of “25/30 percent” after having to make similar reductions last season.
Martindale said: “Jason Holt would be in contract if we stayed in the Premiership but he has an automatic relegation clause in his contract.
“I have had a good chat with Jason and he is happy to exercise that. I can’t offer Jason the money that he needs.
“He is a married man with a family and a mortgage. I would love to keep Jason but I can’t keep him at the club due to the finances on offer.
“A Premiership wage to a Championship wage is a big difference.
“Jason was probably one of my top earners at the club because of what he brought to the club on a daily and weekly basis. The money I can offer, it is not feasible for Jason. I understand that I can’t keep him.
“I shook his hand and thanked him for everything and told him I would love to keep him but I can’t due to budget the club will have going forward, it is going to drop significantly.
“But we will have a competitive budget for the Championship so it gives you a fighting chance next season.”
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