The club's statement read: "The club were made aware at the weekend of a live video posted on Instagram by Ollie Palmer and Dominic Poleon.
"The board have met with Ollie and Dominic and both have expressed their regret at the timing of the video on the eve of an important game. They believed it was good to interact with fans of their past and present clubs and are adamant their comments were taken out of context. They strongly refute any suggestions that they were disrespectful to the club or its supporters.
"Ollie and Dominic have released the following statement: “We are sorry that we posted a live video when we did. We accept that it was an error of judgement on our part. We are both passionate about doing well for Crawley Town FC and we are determined, along with the rest of the squad, to play our part in helping the club have a strong finish to the season.”
Operations Director Kelly Derham said: “Ollie and Dom accept they were in the wrong by doing the video when they did on the eve of the Northampton game. The board have spoken to them about their responsibilities regarding social media and we now consider the matter closed.”
Crawley Town FC will be making no further comment on this matter.