Tommy Wright will remain as Kilmarnock manager as the relegated club vowed to maintain their playing budget despite having "haemorrhaged a lot of money".
Kilmarnock were beaten by Dundee in the Premiership play-off final, ending their 28-year stay in the top league, with Wright in charge since February.
And Wright informed players of their futures on Tuesday.
Director Cathy Jamieson told the BBC Killie's plight since Steve Clarke left in 2019 "simply isn't good enough ".
"It's really important that we have confidence in the manager," she said earlier on Tuesday.
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"He knows what he wants to do, he's got a vision for the way forward and as a board we need to back him. He came in a bit too late, but we do have the right manager now. We can rebuild and we will rebuild."
Director Phyllis McLeish said the club had "been looking down the barrel of the gun for more than just a few weeks" and added: "We were going to stick with the player budget we've got, there wouldn't be a reduction.
"We wanted to give Tommy and the team he's going to rebuild over the summer every possible chance to make it a very brief sojourn in the Championship."
Director Billy Bowie apologised to supporters and said: "It's been a tough season for us all to get through, but we're going to bounce back.
"We've haemorrhaged a lot of money to keep the club going but we're still going to keep it going."
'Players get managers sacked and teams relegated'
With 23 players soon to be out of contract, Wright said following Monday's 2-1 second-leg defeat at Rugby Park there would be "a massive clearout" at Kilmarnock.
"Ultimately, players can get managers the sack and players can get teams relegated," Wright told BBC Scotland.
"What I've seen tonight isn't what this club deserves. Some will be natural wastage, some loans will go back and some will not get offered contracts, well quite a lot.
"This is the most difficult thing I've had in professional football."
And Wright said of top scorer Kyle Lafferty, who netted the consolation goal from the penalty spot: "I don't think he'll be with us. I'd like him here but we'll have to wait and see."