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I have just seen on the club website that these three have been placed on gardening leave after refusing reduced contracts.
Not sure how this works as it presumably means we carry on paying them until their contracts expire or they move elsewhere.
The club have said they wish to move in a different direction.

Bit shocked by this. Not because I think Hargreaves deserved to stay as manager but financially isn't this going to cripple us even more? We still have to honour the trio's contracts unless they are hired elsewhere and now we have to pay to replace them (although I'm guessing we won't have the luxury of a new assistant).

Interesting decision. Would be nice to know who's calling the shots from the consortium - we don't even know who the chairman is yet but I suspect all will be revealed tomorrow. The communication from the club has already improved though - a significant update on the website on a Sunday and not a sniff of it being reported elsewhere before the news broke. And those 10 members certainly know how to keep a secret!

Kevin Nicholson player-manager anyone?

The only way that this isn't going to cost more, is if the new manager and coach (if there is one) are player-managers/coach or it is one of the consortium who takes over, such as Edwards, which would be worse than Hargreaves in my view.

Difficult to understand this move. Before they've even started the rebuilding process , the new consortium has burdened itself with a substantial outlay (I'd estimate in the region of £100k) with nothing to show for it.

Had the trio accepted the reduced terms, it would've made it cheaper for them to be sacked mid-season. Ultimately, the consortium must've been far from convinced that they were up to the task. Now we have a threadbare playing squad, no coaches and less money to work with. Interesting to see where we go from here.

I'd imagine cheap, inexperienced options like Steve Tully, Kevin Nicholson or Alex Russell will be the way they go for our next head coach. Or maybe Dean Edwards fancies being manager/chairman?!

Going part time beckons

Oh come on, don't get caught up in this reduced terms, offer some one a significantly reduced contract knowing full well they will not sign, end goal achieved, that doesn't take a lot of working out, gardening leave if I have understood it correctly, means they continue to earn their basic monthly salary, until a settlement, or they gain new employment, so effectively drip fed out of the club.

I am not shocked or surprised, been speculating about it for weeks, but I'm a no nothing halfwit , wrong appointment at the wrong time, Chris Hargreaves has done a terrible job, no longer will we have to watch the same ball into the box failed to be defended and end up in back of our net, no longer will we have watch the ball hoofed aimlessly around the pitch, nothing wrong with a long pass however, and I certainly will not miss the appalling excuses rolled out week and an out, I'm relieved by this news.

As for the new manager, it wouldn't surprise me one bit if a manager with a proper CV at this level wasn't appointed, I doubt very much the new board are going appoint another inexperience manager with no clue, I'm expecting some who knows this division inside out, and can work with the reduced budget.

Will wait and see what happens next, but at this stage it's hard to understand how this will save money. Cutbacks are going to be severe it seems.

Assuming the board wanted to sack them, this makes sense. The cost is the same, but spread over 12 months, instead of a one off payment. You have to assume that if any of the three have any ambition to work again, they will look for alternative employment, and then leave for free.

Whether you think its a good or bad move, its good to see decisive action so quickly.

Exactly Kernow, and maybe this move is one, that's not designed to save money, well done to the new owners this smart move in by book.

Im very surprised at this. But as has been said maybe part time OR the 10 have a bit more money than we thought.

I agree please please no to Dean Edwards as manager that would not be good. Ok with Chairman or whatever but not manager.

Well decisive anyway!

Added in 1 minute 33 seconds:
The start of living within our means which will be good for the long term future

Somewhat surprised by this, and while I would be in favour of Hargreaves staying as manager, this could very well work out well in the long-run.

From the BBC http://www.bbc.co.uk/sport/0/football/33127096

Well this is all very exciting,after sticking with CH all last season and all his mistakes I thought he would have made a better fist of it this season,its a bit like training up someone and then sacking them just when you might reap the benefits.But the ten seem to have a plan,I hope it works as its their money.

New owners, new manager. Nothing new in this as it happens regularly in football. CH probably not surprised by these developments either.
If the new owners are looking for a seasoned National League manager then Paul Cox mentioned recently might be the man.