The club statement, external continued: “We understand the profound impact this will have on our young players, their families, and the wider community, and we are deeply sorry for the disappointment and disruption this decision will cause.
“However, if the club is to survive and continue as a vital part of our community, these difficult yet necessary actions must be taken.”
Holt has previously spoken out against Hyndburn Council as noise complaints from nearby residents regarding non-matchday events at the League Two side’s hospitality suite led to its entertainment license being revoked.
The 60-year-old businessman has pledged to continue funding the club up to £250,000 a year despite recently saying he would step away from the Crown Ground “in any executive capacity” at the end of this season.
Former Accrington academy head Duncan Fearnhead, who left in September, external to take up the same role at Southampton, had previously spoken of the club’s desire to have the “best Category Three Academy in the English Football League (EFL)”.
Recent increases to the minimum wage and employer national insurance contributions have also added to heightened academy operating costs.
