The Weymouth chairman, Martyn Harrison, is blaming planning problems for his decision to cut back costs at his club.
Below is part of what he said at a press conference this morning:
"We were not prepared for the thwarting of our reasonable aspiration to redevelop this site in conjunction with a major Super market chain. Everything looked very positive right up to the 11th hour when to our dismay, planning was denied. This has proved to be a major blow to our ambitious strategy envisaged 2 years ago. In addition, although we have been very successful in our commercial fund raising endeavours, and have enjoyed fantastic loyalty and commitment from our many supporters and sponsors, our revenues have proved to be insufficient in generating adequate funding essential to replace the lost redevelopment opportunity.
"We have no other option than to reduce our costs and whilst this is painful for us, we are confident that we have made the right decisions.
"As a consequence of the review and by mutual consent, Garry Hill and Kevin Hales have left the Club.
"In addition, with immediate effect, all of our first team players have been placed on the transfer list. This will not only further reduce our costs but just as importantly, give them the best possible chance of a very positive move in the January Transfer window."
Harrison said that the club had not gone bust.
"This club has not gone bust, is not going bust and continues to have my fullest support. The present arrangements were not sustainable, therefore we have acted sooner rather that later in order to achieve the vision of sustainability that I set out earlier."
Harrison also confirmed that the club would now revert to part-time status.