Raj Singh – who took over the club, nicknamed the Quakers, in August 2009 - released a statement describing his "huge regret" at the latest development.
It is still unknown who will be handling the administration, although Singh insisted the club had "tried everything we can to resolve the various issues".
He said: "Over the last two months we've been trying to make necessary cutbacks to be able to ensure the future of the club, including negotiating reduced players' wages and a settlement with (former manager) Mark Cooper.
"During this time we haven't been able to do that, while we also haven't received a viable offer to take the club over and its ongoing running costs.
"I made my position very clear in November and I'd like to stress that we've tried everything we can to resolve the various issues.
"It was never my intention for it to end like this."
Singh explained he was approached by a consortium represented by two businessmen this week but their proposal didn’t solve the issues faced.
However, he added they will now be able to take their plans to the administrators.
Singh also blamed other parties for not playing their part and keeping their promises for causing the club’s administration.
He said: "I also know that I've been as open and as transparent as I possibly could have been with the fans, from the day I walked through the door.
"I've been true to my word with the non-playing staff as well, who have all been fully paid up to the end of December.
"I'm truly sorry that it hasn't worked out and I genuinely hope it can be salvaged in some way.”
The club – which dropped out of the Football League in May last year – currently sits in 13th place in the Blue Square Bet Premier.
By Andy Pearce