The deal will allow Betts to enter his 17th season in the league, with Blues coach David Teague lauding the goal-sneak’s value to the team.
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It us understood that Betts was eager for a new deal at Ikon Park, with the classy veteran waiting out for the club to give him an answer on his future.
Betts’ form has been questioned in recent weeks, with the forward booting just three goals in his last eight games.
The veteran’s manager Garry Winter revealed to News Corp that his client still has plenty to give to the club that drafted him in 2004.
“His view is that he still has a lot to give,” Winter told the Herald Sun.
“Everyone is caught up in how many goals he is kicking and I think his defensive work doesn’t quite get the rating it deserves given the pressure he puts on.
“So we will be speaking to the club this week. We wanted to calm everything down given the club had a mathematical chance on Sunday.
“I would hope before the season ends we would know. While it’s tough for Eddie, I really do empathise with clubs on how difficult a decision it is for them. He is just focusing on a decision that would see him play next year, rather than considering a farewell.”
Teague was hesitant to reveal the clubs stance on Betts’ future, but stated that the veteran had not lost his place in the Blues’ starting 22.
“He started the season well. Our scoring’s dropped away. When we were getting the ball in there quicker he was more dangerous,” Teague said.
“He still plays an important role. His pressure’s still been quite strong. We’ll just have to have a look at that as we go forward and we get a bit more understanding of list sizes and to manage that. But he’s still playing a role, he’s still in our best 22 at the moment.”