Aston Villa confirm John Terry will leave the club as huge cost-cutting begins from owner Dr Tony Xia
Veteran enjoyed a fine campaign with the Championship side but was unable to lead them back to the Premier League
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ASTON VILLA have confirmed John Terry will leave the club as they prepare for huge cost-cutting after missing out on promotion.
The 37-year-old joined on a free transfer from Chelsea last summer but was unable to help lead them back to the Premier League.
Now the Villans, who will face Financial Fair Play repercussions after a large outlay to try and get back to the top-flight, have announced the skipper will be the first big-name to depart.
A statement said: "Aston Villa can confirm the club will part company with John Terry.
"We would like to place on record our most sincere thanks for the effort and professionalism he showed with us last season.
"John is a true leader and was everything and more that we hoped.
"Hugely popular and influential in the dressing room, he played a real captain’s role in creating the incredible bond the players shared with our supporters, and vice-versa.
"We hope he looks back on his time with Villa fondly and we wish him the very best as his career moves forward."
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Terry played 36 times for Villa and scored once last season after heading to the Midlands following a glorious career with Chelsea.
Following the announcement, JT wrote on Instagram: "Today I part ways with Aston Villa Football Club.
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"I'm very proud to have had the opportunity to play and captain this great and huge club."
Terry has yet to comment on where his future lies but shared a video of himself on Instagram showing off his fitness as he ponders his next move.
After missing out on the £140million jackpot of reaching the Prem, the club's owner Dr Tony Xia today revealed he has been forced into a "rethink" over the Villa finances.
He has authorised numerous big-money deals over the last two years in order to try and get them back up into the top flight, but after failing to achieve that goal again, he says he will now be running a much tighter ship.
He told Villa's website: "We are all aware that we will face severe FFP challenges next season. I am an Aston Villa fan. But I am also a businessman.
"Under the current circumstances, I think the club needs to rethink not only the past two years but also the past ten years. Villa needs to be a sustainable football club. People join. People leave. That is the cycle of football. But the football club always remains through it all.
"This is the ultimate reality that cannot be changed, but I can assure you that everyone behind the scenes is working tirelessly towards achieving our ultimate goal.
"We have been heavily investing for the past two seasons. However, the loss on Saturday means that we need to change a lot of things."
Xia continued: "No one wanted to see the club have to go through this, but I believe that only changes can help the club to progress towards the positive direction and this requires the joint efforts of everyone associated with this great football club.
"No matter what the changes will be, I sincerely hope that everyone can unite and overcome the challenges together.
"Our goal has not changed and as long as we believe, regardless of how tough the process will be, I am sure we will succeed in the end."