Welsh Premier League side Neath have parted company with management team Terry Boyle and Peter Nicholas.
Former Wales internationals Boyle and Nicholas had only been in charge for five months and midfielder Kristian O'Leary has been named caretaker boss.
Neath are fourth in the league but a statement said "it was in the club's best interest to find a new manager".
Neath added "all players" are "paid up to date" after chairman Geraint Hawkes' business went into administration.
The full-time side are one of the Welsh Premier's big-spenders and signed midfielder O'Leary, former £1m striker Lee Trundle and ex-Wales under-21 midfielder Matty Collins from nearby Swansea City.
Boyle and Nicholas, who replaced Andy Dyer at The Gnoll after he guided Neath into Europe, managed Neath in the Uefa Cup this season.
Neath are seven points behind leaders TNS but the club statement read: "Despite making the transition to full time, the board felt that results and performances this season were not reflective of this.
"Kristian O'Leary has kindly agreed to assume control of first team affairs in a caretaker capacity, until such time as a decision is made on the future management structure of the club.
"On another note and contrary to rumours that are currently circulating, the club can confirm that all players have been paid up to date."