Torquay United manager Chris Hargreaves has been placed on gardening leave following the Conference Premier club's takeover on Friday.
Hargreaves, along with assistant Lee Hodges and coach Kenny Veysey, are set to leave after turning down a pay cut.
A club statement read: "Torquay would like to place on record our sincere gratitude to three legends of the club.
"The consortium led by Dean Edwards was forced into a position of offering the coaching staff an opportunity to either take a significant pay cut or be placed on gardening leave.
"In the end, the two sides were unable to agree on the right way forward, both in terms of their individual contracts and the financial constraints that will be placed on the playing side of the club next season."
Torquay finished 13th in the Conference Premier last season after winning three of their last four games.
