I don't see what other option we have. He clearly hasn't signed a contract that has been offered to him for almost a whole year. Why should we sink more resources, development, and playing time to a player who hasn't committed to us?
1. We obviously can't guarantee him the playing time he (probably) desires, as we already have a number of senior players who are ahead of him in the playing order.
2. If it's a money issue, i don't see where he has earned the wages that people are throwing about?
and if he does leave next summer, iirc we are due a tribunal fee (though it likely won't be much)