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Colchester chairman Robbie Cowling has warned other EFL clubs must approach football's future with a greater sense of realism amid the coronavirus crisis.

After releasing four key players, Cowling said the game can no longer afford "ambitious chairmen with champagne ideas and lemonade pockets".

Captain Luke Prosser, Frank Nouble, Ryan Jackson and Brandon Comley will leave when their deals end on 30 June.

"We're going to be a lesser team without those four," Cowling said.

"We've worked so hard put ourselves in a good place and we don't want to lose them. We'd like nothing more than to go and finish it but there are much bigger pictures. This isn't about getting promotion. It's about the future of the club."

With nine games left, John McGreal's side were sixth in League Two and on course for a place in the play-offs when the EFL season was suspended in mid-March.

But now Cowling says that clubs have to take a far more long-term approach.

"Just about every club will need to be following suit," he added to ³ÉÈË¿ìÊÖ Essex. "There are other clubs in a worse state than us. We're just the first to make this sort of announcement.

"The probability that we're going to be playing in mid-June is unlikely and we had a duty to those players to let them know.

"It's unfair to ask those players to play if the season does resume. What if they then get injured and it jeopardises their chance of getting a job elsewhere. Why should they put their livelihoods on the line?

"To be fair, they took it really well. They understand. They made it easier for me.

"Luke has been the best club captain we've had in my 14 years here, on and off the field. When I spoke to him all he wanted was to say 'is there any way I can come back and finish this?' It was the same talking to Frank and Ryan Jackson.

"But the estimate is that there are going to be 800 players out of contract in June and I can't see many getting them renewed at this level."

Cowling said he could see the effects of the pandemic stretching beyond this season.

"Football needs to reset itself at this level," he added. "There won't be the money around to bring players in. And all the other clubs I've talked to are keen to do that. There has to be a more realistic attitude to budgets and finances.

"A lot now depends on how long this goes on. If we do resume, it would be behind closed doors and it now looks like that might carry on next season too.

"It's hard to look forward and see much revenue coming in. The stadium has as many visitors during the week for other events as it does for football so you can see how it's affecting us.

"It's hard to imagine there's going to be too many Christmas parties this year.

"We've now got nothing coming into the club, apart from any payments we might get from the EFL. That's all driven by TV money and now it's not 100% certain we'll get that money."

Cowling, 59, co-founder and managing director of global Essex-based employment agency Jobserve, bought the U's in September 2006, when they still played at Layer Road.

"Colchester United loses money," he added. "But it's one of a group of companies I own. My other companies make money but are obviously now also taking a hit."

Robbie Cowling was talking to ³ÉÈË¿ìÊÖ Essex's Glenn Speller.