Guilfoyle told Sky Sports News: "Neil told me he did not have the stomach for the fight here, so if he was not committed I needed to let him go.
"This (managerial change) has been an unwelcome distraction really, so we have got to get back on the main focus which is getting a credible sale underway."
Guilfoyle is still on the lookout for new investment at the club and is hopeful of securing new finances in the coming weeks.
"I have got some purchasers who are seeking information and I am hoping to take them forward now," he added. "We have extended the timescale by 14 days, so we are looking to get someone to preferred-buyer status by the middle of this month."
Source: Team Talk
Source: Team Talk