Cheltenham Town midfielder Alex Russell will hold talks with Exeter City over a loan move to the Coca-Cola League Two club.

Boss Martin Allen says the financially stricken Robins have no choice but to allow the creative 35-year-old to leave as he needs to "keep the club going".

Exeter made an approach to sign Russell last summer as he left Bristol City, but he joined Cheltenham on a two-year deal after a successful loan period during the second half of the 2007-08 campaign.

An ankle ligament injury kept Russell out of Tuesday night's 3-1 defeat by Millwall at Whaddon Road as the club's dismal winless run was extended to 13 matches.

Russell turned down a move to Port Vale earlier in the season while he was on his way back from a different injury, but as cash-strapped Cheltenham seek to reduce their wage bill, he is likely to be keen on a move back to Devon, where he spent four years with Torquay United.

"I spoke to Exeter last summer and they were very keen, so I know what they are all about," Russell said.

"They are doing well in the league and maybe they want to strengthen for the final promotion push, but it all augurs well."

"I have some good friends there too, like Marcus Stewart and Ryan Harley, and I have taken an interest in them this season because of that and the interest they showed in me."

Struggling Cheltenham remain 12 points from safety but Allen said his players continue to "do themselves proud" despite watching then slip to their sixth successive defeat.

"We will keep going; these players keep bouncing back and they are doing themselves proud," he said.

"I am still enjoying it and of course it's hard work and frustrating, but I knew that when I came here. It's going to be very difficult to get out of it now and there is no money here to strengthen, but on we march."