Bundesliga 2 side Schalke 02 has announced both Sead Kolasinac and Klaas-Jan Huntelaar will leave the club this summer.
Schalke who were axed from the Bundesliga top flight after finishing at the bottom of the table are struggling financially.
"Over the past days, the management has closely examined the current parameters regarding squad planning and development and have concluded that Sead Kolasinac and Klaas-Jan Huntelaar’s second spells at the club will not continue into the new season," a statement from the club read.
Speaking to the club's official website, Schalke board member Peter Knabel said, "Considering the current budget and squad structure – well-known challenges that have been openly discussed – there was no alternative."
"We also can’t afford to spend weeks going back and forth given that we have a short pre-season and how quickly the new campaign will come about; we have to make decisions in Schalke 04’s best interests now. That is why this step is necessary"
"Sead and Klaas-Jan deserve that at least. We’re very grateful that they supported their beloved club for this past six months to the best of their ability. You could always sense how much Schalke 04 means to them and the connection they feel to the club. We would like to say thank you for the incredible passion and support that they showed the club in this difficult period, and wish them all the best for the future both on and off the pitch."
Kolasinac is now set to return to his parent club Arsenal this summer.