The Allen Wranglers are going broke ... and that's why the indoor football team suddenly dropped Terrell Owens this week -- at least according to one of Terrell's former Wranglers coaches.
The coach -- who didn't want to be named -- tells TMZ, the decision to cut Terrell this week was purely financial, and had nothing to do with the fact T.O. missed a recent team trip to a children's hospital ... as Wranglers President Tommy Benizio told TMZ.
The coach is calling BS because he says Terrell played three games after the hospital visit early this month.
Benizio also said Terrell was cut because of his performance -- but T.O.'s ex-coach tells us, Terrell was a star on the team, putting up 10 TDs in 8 games ... "a total professional since day one."
The coach thinks T.O. was the latest in a series of budget-related cuts on the Wranglers -- a culling that included the coach himself, who was let go in March.
The coach says Wranglers owner John Frankel was embarrassed about signing Terrell to an expensive contract he couldn't afford. But Benizio maintains T.O. was dropped over performance and behavior issues -- and insists money had nothing to do with it.