Chairman Pete Seiden declared Moneyfields “a shell-shocked club” following manager Dave Carter’s resignation on Thursday.
Carter has stepped down as boss after four successful years, saying ‘work demands and increased football pressures’ have taken a toll in recent weeks.
In the short-term, assistant manager Matt Jones and coach Gavin Spurway have been put in temporary charge of first team affairs.
They will oversee this weekend’s long Southern League Division 1 South trip to Barnstaple in north Devon and also next Tuesday’s home clash with Cirencester.
‘Then the board will sit down next Wednesday or Thursday to discuss the situation,’ explained Seiden.
‘We’ll have a much clearer picture this time next week. We’ll ask Matt and Gav about their plans and we’ll go from there.’
Seiden added: ‘We are all shell-shocked. As a club we are gutted because Dave’s done a brilliant job and the club were fully behind him.
‘Dave wasn’t just a fine manager, he was a great person to have around the club and he’ll be missed.
‘But he’s a grown man and he’s made his decision. If Dave feels he can’t do the best job he can, he won’t do it - that’s Dave.
‘We’ve had a terrible run of injuries and suspensions this season, but that’s happened previously.’
Seiden said the players were told about Carter’s resignation at a meeting on Thursday night.
‘They were as shocked as we are,’ he said. ‘But they are fully up for this weekend’s game and next Tuesday’s.’
Moving forward, Seiden said: ‘The Moneyfields job is a fantastic job for someone. The development starts next year, and then we’ll have the best facilities around.’
The chairman was referring to the long-awaited redevelopment of the Dover Road clubhouse, which was approved by Portsmouth City Council a year ago this month.
Explaining his decision to quit, Carter said: 'I feel the time is right to step away.
'Moneyfields is a fantastic club and I wish them all the best for the future.
'There are a lot of good people at the club.
'Personally, I am going to take a little bit of much-needed time out.
'In my 14 years of management at Horndean and Moneyfields I have given it my all.
'Anyone who knows me knows that I wear my heart on my sleeve.
'I love non-league football and will still be around.'
After moving from Horndean in October 2015, Carter guided Moneyfields into the Southern League for the first time in their history two years later.
They made the Division 1 South play-offs last season after narrowly missing out in their first year at the higher level.
Due to unavailabilities, results this season have been poor with the last three games ending in exits from the FA Cup, FA Trophy and Southern League Cup.