Among the players whose contracts have been terminated are Benito Carbone, who was being paid £40,000 a week, ex-Everton player Danny Cadamateri, former Leeds player Peter Atherton, and Gary Walsh, previously of Manchester United.
Joint administrator Mike Moore said: ‘Reducing the playing squad in this manner will save the club approximately £20,000 a day, which during the close season is vital in our efforts to save the club.’
Three of the redundancies came from players contracts not being renewed.
Moore apologised for not being able to contact some of the players personally, as some were on holiday. He said administrators had attempted to reach them with the bad news prior to the public announcement.
The administrator also insisted: ‘We have not contravened the Football League regulations’, adding they knew the League’s board had the right to decide whether the club would be allowed to remain in the League after the administration.
But he said he was confident the League would ‘exercise its discretion in good faith and act reasonably’ allowing the club to retain its League status.
There are currently nine parties interested in buying the club
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children