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Page last updated at 12:22 GMT, Wednesday, 19 May 2010 13:22 UK

Torquay United place Colin Lee on gardening leave

Colin Lee
Lee was manager at Wolves between 1998-2000

Torquay United chief executive Colin Lee is leaving Plainmoor following the announcement of substantial financial losses at the club.

Lee has been placed on gardening leave by the club during his notice period.

In a statement the club said around £600,000 was lost during the financial year ending June 2010.

It read: "As part of the review of overheads the club have concluded it is no longer viable to retain the services of a chief executive."

Lee became chief executive at Torquay in May 2007, appointing Paul Buckle as manager shortly afterwards.

The statement continued: "The club are appreciative of all the hard work of the chief executive over the last three years and his contribution to establishing the club back in the Football League.

"This was a very difficult and regrettable decision but inevitable given the substantial losses incurred by the club over the last two years."

Lee, who was born in Torquay, began his playing career on loan at Hereford United from Bristol, before joining his hometown club in 1977.

After making 35 appearances for the Gulls, the midfielder moved to Tottenham for three years, before joining Chelsea in 1980, where he went on to play 185 games.

Following his retirement from playing, Lee had spells managing Watford, and Wolves, before returning to Torquay in 2001 and helping them stave off relegation into the Conference.

After leaving Plainmoor before the start of the 2001/02 season, Lee also managed Walsall and Milwall.

The 53-year-old returned to Torquay for a second time in January 2007 on the coaching staff, becoming chief executive in May following the Gulls' relegation to the Conference.

Torquay finished the current League Two campaign in 17th.

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