Arnold, Sheehan and Marshall among six players released by Northampton Town
As well as Arnold, Sheehan and Marshall, the other players released are Matty Warburton, Ricky Korboa and young striker Ethan Johnston.
Brady announced the club's retained list on Tuesday lunchtime, and as well as the six departing, three out of contract players have been offered new deals.
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Hide AdThey are central defender Lloyd Jones and midfielders Ryan Watson and Scott Pollock, while three academy players have been offered professional contracts.
The youngsters the club want to keep are Max Dyche, Liam Cross and Josh Flanagan
A total of 10 players remain under contract for the 2021/22 season, while two other players whose contracts have expired, Morgan Roberts and Alex Jones, have been invited back to train with the club in the summer.
Cian Bolger has an option to extend his stay with the club for a further 12 months if he wishes to, and Brady is now awaiting the Irishman's decision on that.
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Hide AdThe 10 players contracted to the club are Michael Harriman, Fraser Horsfall, Joseph Mills, Jack Sowerby, Shaun McWilliams, Sam Hoskins, Harry Smith, Benny Ashley-Seal, Danny Rose and Caleb Chukwuemeka.
The club had already announced that loan players Jonathan Mitchell, Peter Kioso, Bryn Morris, Mickel Miller and Ryan Edmondson have all returned to their parent clubs.
Of the six released, experienced pair Sheehan and Marshall made the most first team starts last season, with Arnold not making a first team appearance after the 4-0 home defeat to Lincoln City in December.
The goalkeeper, who played in the play-off final win over Exeter City last June, was initially dropped but then suffered an injury that ended his campaign.
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Hide AdRicky Korboa scored two league goals in a promising start to his Town career after being plucked from non-League, but he was rarely used by Brady and his last start for Town was in November's 2-1 FA Cup defeat at Oxford City.
Warburton, a signing from non-League Stockport County in the summer of 2019, was another who had a lively start to the season and he scored twice in his first three games.
But in October, the former schoolteacher was deemed surplus to requirements and sent on loan for the rest of the campaign to Yeovil Town.
Johnston made just one substitute appearance for the first team, as a late substitute in last season's 4-0 Carabao Cup defeat at Bristol City, in his 18 months as a professional with the club.
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Hide Ad"It is never nice telling any player they won't be offered a new contract and I would like to thank all of the players leaving us for their efforts," said Brady, who was unveiled as the Town manager on a two-year deal at the weekend.
"We wish them well with their future careers, and likewise I would like to place on record my thanks to the loan players who were with us and their parent clubs.
"We have said goodbye to a number of players and now a busy summer starts to ensure we are well prepared for the new season.
"We have a lot of work ahead of us and recruitment is a key part of that."
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Hide AdPlayers under contract for 2021/22 season: Michael Harriman, Fraser Horsfall, Joseph Mills, Jack Sowerby, Shaun McWilliams, Sam Hoskins, Harry Smith, Benny Ashley-Seal, Danny Rose, Caleb Chukwuemeka.
Academy product Morgan Roberts and striker Alex Jones have been invited to train with the squad in pre-season, while Cian Bolger has an option in his contract and the club are awaiting the player's decision.
Players out of contract but offered new terms: Lloyd Jones, Ryan Watson, Scott Pollock
Academy players offered professional contracts: Max Dyche, Liam Cross, Josh Flanagan
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Hide AdOut of contract and released: Steve Arnold, Alan Sheehan, Mark Marshall Ricky Korboa, Matt Warburton, Ethan Johnston
Loan players who have returned to their parent clubs: Jonathan Mitchell, Peter Kioso, Bryn Morris, Mickel Miller, Ryan Edmondson