Jackson warned that the club only had enough funds to operate until Christmas and would fold unless more investment was found.

Jackson, of PKF, revealed the club's debt was around £2million, of which £420,000 is owed to Her Majesty's Revenue and Customs.

Barry Smith will take charge of tomorrow's Irn-Bru First Division clash against Stirling, assisted by goalkeeper Rab Douglas and coach Matt Lockwood.

But Smith has just 11 permanent senior players available after Jackson was forced to make major cuts to the wage bill following his appointment last night.

Paul McHale, Eric Paton, Mickael Antoine-Curier, Colin McMenamin, Scott Fox, Dominic Shimmin, Charlie Grant, Brian Kerr and Njazi Kuqi were all instantly released from the playing staff. Coach John Holt is also out of a job along with kitman Neil Cosgrove.

Dundee went into administration in November 2003 but Jackson warned that the current predicament would be more difficult to escape from.

Jackson said: "This club is facing the most difficult fight of its life. The club only has sufficient funds to last until Christmas at the latest and has debts of £2million.

"We must get money in before Christmas. If I had to guess, I would say there's a 50-50 chance of survival."

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Jackson urged the Tayside community to save the club from extinction.

"I cannot stress enough how much this club needs the support of Dundee and its people and how short a period we have before the money runs out," he said.

"Even at this early stage there have been expressions of interest but we don't know how realistic that is because that's quite normal."

However, he admitted he was worried about the fact supporters were being asked to save the club for the second time in seven years.

"I'm very concerned about that," he said. "Not only is it the second time around and fans have been asked to put into their pockets before, they are also being asked to put into their pockets again in a brutal time from an economic point of view.

"But the feeling I have had is that the supporters are very keen to help."

Dundee's problems began to emerge last month when main financial backer Calum Melville offered to resign from the board amid difficulties in his personal business career.

But Melville is understood to have deposited the first of four £50,000 instalments he pledged to help the club survive until Christmas, although Jackson refused to comment on that after being asked to keep all such arrangements confidential.

Most of Dundee's debt is to benefactors, mainly Melville, Bob Brannan and John Bennett, the Dundee United director who owns Dens Park and allows Dundee to use it rent-free.

Jackson said: "You normally find that when those loans are made they are made in the interests of the club and the people therefore don't expect payment in the short term and are also flexible in terms of any offer you make."

But the tax bill is a major concern after rising substantially in recent weeks.

"I understand it is 420k," Jackson said. "I think it sneaked up after it was first reported because, whilst negotiations were going on, they were accruing more debt."

The administrator confirmed the remaining players, who include on-loan Hearts striker David Witteveen and St Johnstone midfielder Jamie Adams, although both may be recalled, had not been asked to take a pay cut and would be paid outstanding wages from recent weeks.

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Jackson refused to attribute blame for Dundee's problems but those deposed earlier in the day are seeking answers.

Chisholm and Dodds had only been at the club since March, when they were persuaded to leave Queen of the South after Jocky Scott was sacked while sitting on top of the First Division.

"We're angry and people have to be made accountable," Dodds said. "We don't have regrets about taking the job but questions need to be answered.

"This is the lowest point in my career. There is no doubt it's a grim situation and this had to be done for the club to go on. For the club to survive people have to go, it's as simple as that.

"But as long as this club survives, that's the main thing."

Defender Paton, who is free to find another club immediately, felt let down by those running the club.

He said: "For a club to go into administration so quickly after coming out of administration, there is no hiding where the problems have lain.

"It must have been on the horizon for a wee while but they've still been signing players up to three weeks ago. And then all of a sudden we are losing our jobs.

"But I certainly hope Dundee come through this for the fans and the people still in there."

Those players who retained their jobs shared their redundant team-mates' pain. Sean Higgins said: "I have mixed emotions. I still have a job but my friends have been laid off. I feel guilty in a way.

"But we have to get on with it. We have to lift ourselves and we have a big game tomorrow.

"The main thing is the club survives. We will do our best on the park and just hope that someone buys the club, but there are only 10 weeks to go."

Meanwhile, Melville and Dundee fans both urged the wider community to help the club.

Melville said: "I know a number of people have come forward to pledge funds, which is fantastic.

"I'm hoping if there is anyone else out there who can help the club financially, they will come forward and do so."

The Dundee FC Supporters Society said in a statement: "We would like to reassure all of our supporters that we are in direct ongoing contact with the administrator, and will leave no stone unturned in our attempt to safeguard the immediate future of Dundee Football Club.

"The response from the public has so far surpassed all expectations, but we cannot stress enough that this level of commitment will be required if we are to emerge from the administration process successfully."