The club announced the news on twitter that they were parting company with Dodd and assistant Julian Curnow. Ian Browne and Alex Bryant have also left the club.
The club spokesman said: "With the current financial crisis clubs are experiencing we just felt that we had to be sensible and curtail our ambitions slightly to safeguard the long term future of the club.
"The club still wants to get promoted as soon as possible but will be trying to do so on a much tighter budget than planned."
Dodd told us: "It’s a shame with all the hard work we put in last season and build the squad from scratch but is what it is and I wish them all the best in the future.
"We’ll keep our eye out for an opportunity and if the right one comes up we’ll take it."
Dodd and his management team took Wick to fourth in the SCFL Division 1 table before the season was deemed null and void following the coronovirus lockdoown.