ANDY Preece left Gigg Lane on Tuesday after his contract was terminated 'by mutual consent.'

The 36-year-old player-manager had been in the job four years and his demise has been blamed on financial pressures according to the Shakers' board.

First team coach Graham Barrow has been appointed caretaker manager in the interim.

A statement issued by the directors said 'this action has been necessitated by the need to make a significant reduction in expenditure in this financial year ending May 2004.'

It is known that the club was close to going into liquidation last May after overspending during their first year into a four year CVA agreement, only months after coming out of administration.

Clearly, the board are determined not to let the situation arise again even if it means getting rid of a highly-rated young manager who has toiled manfully against the odds.

The stumbling block would appear to be Preece's joint manager-player contract, which was due to end at the close of the current season.

The statement went on to thank Preece for his hard work and loyalty throughout the extremely difficult years he was in the Gigg hotseat.

Preece's exit is the second shock news to hit the club in the space of seven days after chairman Albert Doweck resigned last week.

And it now seems that his leaving could have been linked to the decision to get rid of the manager.

Doweck is understood not to have agreed to his removal whereas the rest of the board were thought to be united in thinking the time was right for his departure.

Preece, who is still joint leading goalscorer at the club with six goals, leaves the Shakers lying twelfth in the Third Division table, five points from a play-off place.

During his time in charge he oversaw 214 competitive games winning 71, drawing 53 and losing 90.

Prior to his departure he was the joint 14th longest-serving manager in all four English league divisions - level with the man he replaced, Neil Warnock.