Wakefield's new chairman Michael Carter has confirmed Tim Smith is to join the Salford City Reds for a 'substantial fee'.
The revelation came as part of a rallying call to Wildcats fans and local business to get involved with investing in the Super League club.
The loss of half-back Smith is the only playing casualty at the moment, with Carter confirming he had turned down an offer for captain Danny Kirmond, who he would like to build a team around.
The statement read: "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.
"This has led to a restructure in the top management at the club and ultimately it is now myself and another director, Chris Brereton, who are managing the club on a day-to-day basis.
"We are two fans who have stepped forward to try and pull this club through what is a very difficult situation and we would appreciate your full support in these testing times.
"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.
"On the positive side, we have managed to extend the contracts of some of our key players. I have already mentioned Danny, but also Dean Collis and most recently Lee Smith and Ali Lauitiiti have all signed up for next season."