Davies had earmarked most of the proceeds for his KiDs of Bolton charity.
But yesterday - on his 36th birthday - he was left "hurt, stunned and let down" as boss Dougie Freedman told him he would not be offered a new deal when his contract runs out at the end of the season.
Fans of the Championship club reacted by branding them "spiteful," "shocking" and "a disgrace."
Davies, who has played more than 400 times for Bolton, said: "It hurts even more because it's not just me who is losing out.
"I expected a pay-for-play deal or something combining playing and coaching.
"To be offered nothing at all was a real shocker."