Institute were relegated from the Northern Ireland Premiership and as a result the committee decided to sack manager Paul Kee.
The decision angered a number of current and former players as well as the majority of supporters.
Robbie Hume and Michael McCrudden have both departed Institute and have signed for Ballinamallard United FC.
Many more first-team players are expected to leave and follow the duo out of the Riverside Stadium.
Expressions of interest should be made in the first instance to the new club chairman Bill Anderson by calling: 07838113310.