The 62 year old tendered his resignation after their 4-0 defeat to Highland Football League side Deveronvale and brings to an end thirty months in charge of the club.
Speaking to BBC Newcastle he said there were no hard feelings between himself and club's board, "I've no qualms at all about the club. I've been there a long time, the directors have given me their full backing, it's my decision to go."
The Daily Record newspaper is reporting that Crease is considering returning to the club in a different capacity, this time on the board of directors.
"I'm an honorary director, I still love the club and I have been asked by the chairman to come back. I am still an associate director at this moment in time but I will take a few weeks to think about that and I might not want to be hanging about the place if somebody comes in."
Assistant boss Ian Little will take charge of first team affairs until a successor is appointed.
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