The Conference side's chairman, Martyn Harrison said: "We have no other option than to reduce our costs.
"This is painful but we're confident we have made the right decisions."
He stressed the point that the club has not infact gone under and he is striving to get the club back on track.
He added: "It is important to stress at this point that this club has not gone bust, is not going bust and continues to have my fullest support.
"We will continue to meet our commitments to play all the fixtures planned between now and the end of this season.
"I cannot emphasise enough that we are making these changes in order to guarantee the future of this club."
Chief executive Gary Calder has been given the job of running the day-to-day activities at the club, including the recruitment of new players.
New recruits will be needed should the club loose the majority of their first-team members during the transfer window.
Weymouth currently lie seventh in the Conference top-flight after winning the Conference South title last season but any hopes of earning promotion to the Football League appear to have disappeared.
With thanks to Confguide.com