John Potter will stay at Dunfermline next season - but not as manager.
The 35 year old will revert back to being head coach, after stepping up when Jim Jeffries was persuaded to resign in December.
The club is seeking a new boss and say they will make a decision in three or four weeks' time.
Potter will take charge of the Pars' final game away to Airdrieonians.
Potter spoke to us at East End Park earlier:
In the statement the board said:
- They're to blame for the club's predicament
- Club made operating loss of £250,000
- Spending will be reduced
- Club must sell 1,900 season tickes, an average attendance of 2,500 and maintain Centenary Club Lifeline income to be "very competitive"
- The club will consider part-time players, if identified by the new boss
Number two Neil McCann has left the club after deciding it was "in the best interests" of both parties.
In a statement, the board said: "We would also like to put on record our thanks to Neil for his considerable efforts and support of the club over the last three years, especially given that, for some of that period, he received no payment for his services.
"We wish Neil every success in the future.
"John and Neil were both highly professional in their approach. They are bright, articulate, hard-working coaches, who were amenable to everything the Board requested."
The Pars are seventh in League One, having targeted promotion to the Championship this season.
The club's board have accepted full blame for what they call a "wholly unacceptable" season.
They said: "Taking into account the resources at our disposal compared to those of other clubs in our division.
We, like every other club in this division, have no divine right to win this league, as our competitors are all very well run clubs, but this season has been hugely disappointing for everyone associated with DAFC.
The board said fans "need to react to adversity in the right manner" with reports the manager was given abuse around the town.
"There is no question that the frustration we all feel at present causes negativity, but we must remain focused and remember why we all fought long and hard to save our club from administration only 18 months ago. If we fracture and let negativity grow around our club, it festers and undermines our collective power and strengthens our rivals." They added.
Potter said he doesn't have a problem with it, as long the stick is directed at him only:
"Substantial investment"
It was known that promotion would allow Dunfermline to remain full time. As a result "substantial investments" were made on players in the summer. Ten players, who had formed the nucleus of the squad in the 2013-14 season, were given contract extensions.
"It is extremely difficult to put our finger on why the team did not succeed. Was it a hangover from the Cowdenbeath play-off game or, could some players not handle the sheer weight of expectation that comes from being at this club?
"The Board are all, first and foremost, fans who are as frustrated as everyone else. We believe we made the right decisions at the time but accept that we are ultimately accountable for such a poor season", the board members added.
As a result of their lowly league position, the Pars will make £50,000 less than expected, and they incurred £50,000 in legal fees trying to get out of the lease at Pitreavie. But the Centenary Club Lifeline, attendances and better than expected commercial and hospitality income mean that the club will lose around the region £250,000; more or less in line with their budget.
The board statement adds: "We need to reduce costs further, while collectively as a support continuing to work very hard to bring in the income we need to survive in the third tier of Scottish football for another season."