The Edgeley Park club called in the administrators last Thursday and incurred a 10-point deduction as a result, but managed to survive in League One as they had already accrued enough points to stay up.
But with administrators Leonard Curtis looking to reduce the wage bill, Gannon and Ward have become the first casualty of their recovery plans for the club.
The move comes as a shock considering the 40-year-old, who took the reins in December 2005, guided Stockport to promotion last season and turned down the opportunity to join Brighton earlier this year.
Gannon, who made over 400 appearances for Stockport as a player, refused to speak to the media over the latter part of the season as a statement of his displeasure over the way the club was being run.
A statement from the administrators read: "It is regrettable that due to funding constraints during the administration period it has been necessary to make a number of redundancies. Following the conclusion of the playing season, the number of coaching staff has been reduced and regrettably cuts include the manager, Jim Gannon. It is hoped that these cost reductions will enable us to preserve the club in the short term and secure a buyer in the near future."
County keeper Owain Fon Williams admitted he and his team-mates are concerned about what the future holds without Gannon at the helm. The majority of the Hatters squad were brought to the club by Gannon, and the 22-year-old is worried about what will happen now.
"I don't know what happens next. Tomorrow we may know more but for the time being I don't know. I was in yesterday and everything was okay, none of this came up. They just said that I should come back in a week to see the physio and that was all. Jim has done very well in fairness. It was hard times for him, because in January we had to get rid of a couple of players and lost a couple of players on loan. It's going to be very strange going back there now. I don't know who is left, that's the thing. I have spoken to a couple of the lads and no-one seems to know what's going on."
But with administrators Leonard Curtis looking to reduce the wage bill, Gannon and Ward have become the first casualty of their recovery plans for the club.
The move comes as a shock considering the 40-year-old, who took the reins in December 2005, guided Stockport to promotion last season and turned down the opportunity to join Brighton earlier this year.
Gannon, who made over 400 appearances for Stockport as a player, refused to speak to the media over the latter part of the season as a statement of his displeasure over the way the club was being run.
A statement from the administrators read: "It is regrettable that due to funding constraints during the administration period it has been necessary to make a number of redundancies. Following the conclusion of the playing season, the number of coaching staff has been reduced and regrettably cuts include the manager, Jim Gannon. It is hoped that these cost reductions will enable us to preserve the club in the short term and secure a buyer in the near future."
County keeper Owain Fon Williams admitted he and his team-mates are concerned about what the future holds without Gannon at the helm. The majority of the Hatters squad were brought to the club by Gannon, and the 22-year-old is worried about what will happen now.
"I don't know what happens next. Tomorrow we may know more but for the time being I don't know. I was in yesterday and everything was okay, none of this came up. They just said that I should come back in a week to see the physio and that was all. Jim has done very well in fairness. It was hard times for him, because in January we had to get rid of a couple of players and lost a couple of players on loan. It's going to be very strange going back there now. I don't know who is left, that's the thing. I have spoken to a couple of the lads and no-one seems to know what's going on."
TLG doesn't think Gannon will be out of work for very long.
Meanwhile, there was the not too surprising news that Brighton boss Russell Slade has agreed a a two-year deal to become their permanent manager, and he cannot wait to "get things moving on the pitch".
Well, we've heard that before, good luck mate.
Well, we've heard that before, good luck mate.
The 48-year-old arrived in March with Brighton inside the League One relegation places, but saw the team secure their safety on the final day. Slade replaced Micky Adams at the Seagulls, following his departure from League One rivals Yeovil.
Slade told BBC Sussex: "Our target will be to progress and break into that top six. We have to rebuild, somewhat. I will be in Brighton next week to finalise the retained list."
Brighton chairman Dick Knight told the club website: "Russell has done a fantastic job, pulling off a great escape, and I know the fans will agree he has earned his new contract. He deserves this opportunity to lead us forward."