Cowdenbeath’s future will have to be urgently re-assessed following their relegation to League One.
Speaking ahead of a board meeting tonight, chief executive Alex Anderson said that losing their Championship status will cost the club around £170,000 and that there would now need to be drastic cuts to their budget for next season.
He said: “The whole management of the club will be under review. Our relegation is very hard to accept after all the hard work that has been put in.
“The first item on the agenda at our meeting will be the budget for next season and the way forward as a result of us going down a division.”
The Fife side slipped to the bottom of the table on Saturday as Alloa secured a place in the play-offs with Livingston’s win over Queen of the South securing their place in the Championship for next season.
Cowden boss Jimmy Nicholl said: “You only get out of the game what you put in to it and we have not scored enough goals and conceded too many.
“We did not win enough games to stay in this league. Staying in the Championship was a massive thing for us and I am unsure of what is now going to happen and I apologise to everyone involved with the club.”
Cowdenbeath got off to a good start and tested John Gibson in the home goal while a Robbie Buchanan shot from the edge of the box was also saved by the Wasps’ keeper.
The home side opened the scoring in the 12th minute when Michael Chopra connected with Kevin Cawley’s pass to fire past Robbie Thomson.
Cowden tried to claw themselves back into the match with former Alloa striker Colin Nish a constant source of trouble to the home defence and he came close in the 22nd minute when his well struck shot went just wide.
Nicholl’s side went close in the 35th minute when Iain Campbell’s 25-yard shot scraped the outside of the post.
Alloa extended their lead in the 52nd minute when a Ben Gordon header was deflected in to his own goal by John Armstrong.
Cowden pressed and Colin Marshall sent Nish on his way toward goal with a great pass but the striker had strayed offside and Lewis Toshney’s shot was cleared off the line by Alloa defender Michael Doyle.
Nicholl replaced Sean Higgins with Lewis Milne and Kudus Oyenuga came on for Thomas O’Brien but the substitutes barely had time to make an impact before Liam Buchanan put the result beyond any doubt with a super strike after a defence-splitting pass from Kevin Cawley.
Cowdenbeath continued to attack and their last chance came in the 89th minute when they were awarded a free-kick 20 yards out but Jon Robertson’s hot was blocked by the Alloa defensive wall.
Nish added: “Overall Alloa were a better side than us today.
“Their first goal was a massive goal for them and that put pressure on us.
“You don’t get relegated on one game. Livingston and Alloa have done well to get to where they are.
“As players we have let the fans and the directors down and we will take responsibility for that and we need to move on.”