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Torquay appear to be on the verge of a financial crisis after making their Chief Executive redundant to cut costs.
Colin Lee, the former Wolves boss, has been put on gardening leave for his notice period with the club saying they will lose in the region of £600,000 for the current season. A club statement says:
"In the circumstances the Club needs to take urgent action to reduce its overheads as it is operating well beyond its financial means."
The losses mean the club will have leaked over £1million over the past two seasons with Lee at the financial helm. They are likely to slash their playing budget for the coming season as a result of the losses.
