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Exeter City manager Paul Tisdale has told Steve Tully that he no longer has a contract offer for the coming season.

The 32-year-old right-back was offered a new deal in June but it has now been rescinded because of financial issues at the club.

"He was offered a deal right at the end of the season, "Tisdale said.

"And in the three or four weeks until we spoke about it again things had become a little more bleak with our finances than we'd thought."

Tully is the Grecians' longest-serving player, having joined the League Two club in 2007.

The Paignton-born defender has made nearly 250 appearances for the club but failed to hold down a first-team place last season.

Tisdale told "I had to tell him that that offer had to be put aside for the time being - we have to see if we can afford to do it.

"The club are doing all they can to make the funds available to me, but there's no guarantee that I'll be able to make that signing.

"Steve was at training and he's not signed elsewhere that I know of. It would be great to keep him but unfortunately that's the way things are.

"I've been here before, it's one of the realities of football."