Wakefield have sold half-back Tim Smith to Salford, chairman Michael Carter has confirmed, as they continue to fight money troubles.

Smith, 28, joins the City Reds for a “substantial fee”, although the Wildcats have turned down a six-figure offer for captain Danny Kirmond, and handed new deals to Lee Smith and Ali Lauitiiti. Carter, who along with fellow director Chris Brereton, are managing the club on a day-to-day basis, and have revealed a shortfall of around £400,000.

He said: “Having conducted a review of the whole business and in particular the finances of the club, it has become obviously apparent that the club is completely under capitalised at this time to the tune of somewhere in the region of £400,000.

“It’s no secret that the vast majority of Super League clubs all need significant investment and this is usually financed by wealthy owners. Wakefield doesn’t have one of these, so to be a success we need the people and businesses of Wakefield to come forward.

“Therefore, ultimately it was my decision to sell Tim Smith to Salford with immediate effect for a substantial fee. I would also say that on the same day I turned down an offer of a substantial six-figure sum for our captain Danny Kirmond.

“Having spoken to Danny during the week and explaining that I want to try and build a team around him, he told me he was perfectly happy at Wakefield and is happy to lead from the front. As has already been announced, Danny has signed a new deal and my ultimate aim is to see him leading us out at Newmarket as a Super League club.”

In a statement on the club’s official website, Carter asked for fans and local businesses to help support the club, and continue their push towards a new stadium at Newmarket. Smith was a key component of the Wakefield team that qualified for the Super League play-offs in 2012, his first season at the club. Wakefield Wildcats 2013

The Australian, formerly with Parramatta, Wigan and Cronulla, has scored two tries in 23 appearances this season.

He becomes the latest signing for Brian Noble’s revolution at Salford, with the club expected to reveal more signings before their final game of the season against Widnes on Friday.