Administrators BDO are now running the club and say they are likely to lay off two senior players and two youth-team members as they fight for the Edinburgh outfit's survival.
The football finance trouble-shooters have already made 14 backroom staff redundant while first-team players Jamie MacDonald and Ryan Stevenson have agreed to take wage cuts.
But Locke says the decision on which players have their contracts torn up will not be his.
He told Press Association Sport: "I won't have any input on which players are made redundant because it is purely about finance.
"The club has no money. We will have a better chance of keeping these players if we get the money in.
"It's imperative that we get more money in in the next two weeks. If we don't, more players will go and the club might not be here."