Watford chairman Jimmy Russo has conceded the club may have to sell talisman Tommy Smith as he does not fit into the Hornets' new wage structure.
Smith scored 17 goals for the Vicarage Road side last season and recently turned down a £1.8million move to Sheffield United. The 29-year-old striker has just one year left on his contract, and would have to accept a drop in wages to secure a new deal.
Russo told BBC Three Counties Radio: "The problem we have with Tommy is that he is one of the highest wage earners at the club."
He added: "That level of commitment would be financially outside the financial model we have introduced for this club to ensure stability.
"I've always said this business has to stand up on its own two feet. I'm not prepared to go to banks and institutions to borrow money and we have got to realise what we are at Watford FC."
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