Mike van der Hoorn says Swansea City could no longer afford to keep him at the club beyond last season.
The defender - whose contract expired in the summer - left Swansea following the conclusion of the protracted 2019/20 campaign.
Speaking at a fans' forum in January, then club chairman Trevor Birch revealed van der Hoorn would be offered a new deal, although it would have been on significantly reduced terms if the Swans did not gain promotion.
Following Swansea's Championship play-off semi-final loss to Brentford, van der Hoorn was released, with the Dutchman going on to join Bundesliga outfit Arminia Bielefeld.
And the 27-year-old has stated that the Swans could no longer afford to keep him at the Liberty Stadium.
"I had a knee injury. I came back and played the last few games for Swansea," he told Kicker.
"They had to reposition themselves. Swansea had signed me in the Premier League, then the financial situation there became a bit difficult.
"They told me that I could look elsewhere. They could no longer afford it - that's the truth.
"When you hear something like that, you have to look for another way.
"I took my time, I was in Bielefeld a month ago and spoke to the coach and those responsible. That sounded better to me than other things. And I saw the challenge of playing in the Bundesliga.
"I had to do my own preparation for the season. I feel good, but it is also a big step for me."
The centre-back joined Swansea from Ajax in 2016.
He made a total of 125 appearances for the club, scoring six goals.
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