Chairman Jim Parmenter has released the following statement.
The Board have been busy assessing the clubs financial position and immediate future due to the very difficult circumstances of the COVID 19 pandemic.
The club is still unsure of its income in the coming season but the Board are clear income will greatly reduced.
The club has 14 players under contract for next season and at a meeting last week the clubs position was explained in detail to the players and staff.
At that meeting the players and staff were asked to accept a 20% short-term reduction in salary to assist the club in its efforts to stay solvent and keep the club alive bearing in mind the club will move from four to three days training.
The management have accepted the proposal, however, unfortunately the players have not agreed.
Therefore it is with great regret that I must announce that all of the squad are now available for free transfer as an initial immediate step.
I must further inform supporters that if a solution or further investment cannot be found by the end of August it is likely that the Directors will consider the club insolvent and as a consequence will be forced to cease trading.
The directors are doing everything they can to keep the club afloat, but have reached an impasse and require the support of our playing squad.
Season ticket purchases are fully protected and a full refund will be issued if the worse happens, so supporters can continue to purchase in confidence.