TORQUAY chairman Mike Bateson put the club up for sale moments after seeing them tumble into the Conference.
The Gulls held Peterborough thanks to Kevin Hill's 41st-minute strike, but it was not enough to extend their 79-year stay in the Football League.
Now Bateson admits he is ready to quit Plainmoor - just a month after returning to the club following Chris Roberts' botched takeover bid.
He said: "It's a feeling of numbness and I'm totally gutted. I made a mega-mistake in coming back, but that's with hindsight.
"I didn't want to come back, I don't want to be here, and I won't be in charge next season."
Dejected director of football Colin Lee added: "It's the first time I've been in a relegation changing room and it's not easy.
"We knew we had to win - a draw was no good at home, so the pressure was on. We just chucked everything forward as best we could. It was a game that both teams could have won in the end."
Posh levelled through Craig Mackail-Smith's penalty mid-way through the second half, but their play-off hopes are now all but extinguished.
Boss Darren Ferguson said: "I would hate to think we could miss out on the play-offs by one point."