Dunfermline's highest earners were among a full team of players who were made redundant on Thursday with more set to follow once interim administrator Bryan Jackson completes the cutback process.
Manager Jim Jefferies has agreed to continue on much-reduced money but the club has no funds to pay him or the remaining players their monthly wages, which were due today, with Jackson dependent on potential benefactors following through on their promises.
Jackson would not announce the names of those players who are looking for new clubs but captain Jordan McMillan, Joe Cardle and Andy Barrowman confirmed they were among those released following two hours of talks at East End Park this evening.
Jackson stressed the situation was "fluid" with talks ongoing but at least eight first-team players were made redundant, along with three players from the under-20 squad.
The administrator will also get loaned pair Paddy Boyle and Paul Willis off the wage bill, firstly by attempting to get Gateshead and East Fife respectively to pay their full wages, while another two players have still to negotiate.
Jackson said: "Players can make counter-proposals if they wish on their own situation and it's open to debate.
"Some of it is quite straightforward in that you know we have a problem with the highest earners. We don't have the cash - it's just not there."
Even those players who survived today's cull have no money coming in immediately, with the club's next major source of conventional income their home match with Hamilton on April 6.
"Wages will not be paid today - there is no money available right now," said Jackson, who took charge yesterday after the club successfully applied to go into administration, on an interim basis, in order to avert a winding-up order over a £134,000 tax bill.
"I'm dependent on some benefactors and I'm also dependent on some money coming in from the next home game so I should be in a position to pay the wages by the end of next month."
Jackson, who revealed there would be some "tweaking" of the non-playing staff in the coming days, added: "I have had promises from benefactors.
"I have no authority to tell you who they may or may not be - I have no reason to believe that money won't come through and I'm dependent on it.
"I just have to try and get it through as quickly as I can."
Jefferies revealed he had agreed to continue out of loyalty to his players.
The former Hearts and Bradford manager said: "I've taken a cut but it's not about me, it's about helping the boys who are here. I brought a lot of them here.
"I don't live here so I'm getting enough to cover the expenses side but it's never been about the money.
"It will cover me for travelling back and forward. I wasn't on the biggest salary anyway and I've taken a big reduction on that.
"I feel a sense of responsibility to the club. People have asked me why I have stayed but the fans and the players have been terrific to me.
"It's not right to walk away when the club is going through difficult times. It needs to be done to help the club stay alive."
The 62-year-old added: "It's a very sad day. It's one of the hardest days I've ever had.
"When Bryan asked me who I wanted to keep I told him every single one of them.
"The process was done on finance, it was purely on that.
"The place was very quiet, it wasn't nice."
While the process was painfully new to Jefferies, it was all too familiar to PFA Scotland chief executive Fraser Wishart. Jackson alone has now taken control of five Scottish clubs - Clyde, Clydebank, Motherwell and Dundee previously.
Dunfermline now face discretionary sanctions from the Scottish Football League and will be sent to the bottom of the Irn-Bru First Division if they are subject to the same 25-point deduction that befell Dundee two seasons ago.
Wishart said: "It's yet another sad day for Scottish football. I first got involved in administration in the late years of the last century and in the early years of 2000, one of them being with Bryan Jackson.
"As a football game I don't think we've moved forward at all in terms of governance. We wait until clubs run themselves into the ground and then we sanction them."