"We were quoted wages of £10,000, £12,000 and £15,000 per week for players but we're not going to pay that sort of money to anyone," he told the Peterborough Evening Telegraph.
"If we did we'd have 20 players knocking on the door asking for pay rises and quite rightly as they are the ones that have taken us into the Championship.
"Instead the manager wants to keep faith with his squad and fair play to him for that.
"We can always use the loan market should our circumstances change."