Waterford United have confirmed they are considering releasing players due to financial problems within the club.

The SSE Airtricity First Division side issued a statement this evening revealing a meeting had taken place with players and coaching staff to discuss reducing the day-to-day costs of running the Blues.

They are also considering wage cuts due to the problems they face.

Chairman John O'Sullivan said: "Due to current economic circumstances, the club has been unable to attract sufficient financial support through sponsorship or gate receipts, to meet the current cost of the League of Ireland squad. 

"This has resulted in a deficit beginning to appear in the club’s finances.

"Areas under discussion at the meeting included the possible reduction in squad numbers and changes to terms and conditions of players and staff."

Proposals are being considered by the players and staff and a further meeting is due to take place later in the week. 

United are sixth in the First Division table but just two points away from second-place side Galway United.