Torquay United have terminated the contract of chief executive Colin Lee due to financial reasons.
Chief executive becomes a casualty of financial woes
Torquay United have terminated the contract of chief executive Colin Lee due to financial reasons.
The club will make a substantial loss of around £600,000 for the financial year ending June 2010 and were left with no choice but to lose Lee, who has been placed on gardening leave during his notice period, after his three years service at Plainmoor.
A statement on the club's official website read: "In the circumstances the club needs to take urgent action to reduce its overheads as it is operating well beyond its financial means.
"As part of the review of overheads the club has concluded that it is no longer viable to retain the services of a chief executive. Accordingly, the club have decided to give notice to terminate his employment.
"Having given notice the club feels it would be best for all parties concerned that the chief executive be placed on gardening leave during his notice period.
"The club are appreciative of all the hard work of the chief executive over the last three years and his contribution to establishing the club back in the Football League.
"This was a very difficult and regrettable decision but inevitable given the substantial losses incurred by the club over the last two years."
