Wright played the last three games on a non-contract basis, covering for the suspended Nathan Stanton at right back.
However as Laws had already maxed out his wage budget for the season he was met with the inevitable response from the board of directors.
The poor standard of football and results which has seen the club's gates down to the lowest level since Laws arrived as also seen the club forced to tighten their pursestrings.
"We liked the player, we would have liked to keep him but unfortunately the financial circumstances at the club mean we cannot," said Laws today and SUFC's official website.
"We set a budget at the start of the season and we have to stick within that, at the moment we have lost over 500 people from our gates.
"We will just have to get on and make the best of what we have got."
Meanwhile the club are remaining tight lipped on the proposed takeover, which was debated at yesterday's meeting.
Local nightclub owner John Hayes, who heads the consortium of local businessmen looking to purchase £450K worth of shares in the club, yesterday hinted at substantial re-structuring at the club if the offer is accepted.
A two-tier board system are believed to be amongst the proposals, whilst he also stated that he would be disappointed if members of the current board felt they could not work with the newcomers.
However there is a history between some board members and men believed to be part of the consortium, although Hayes will not confirm who is or who is not part of the group.
Hayes himself was voted off the board of directors in 1992, while Des Comerford - tipped as one of the group - was also voted off the board two years ago over a dispute involving former coach Geof Broome.