Tornoto FC are owned by the same organisation who own the Toronto Raptors NBA outfit and Toronto Maple Leafs ice hockey team.
"I'm disappointed, but this is the way this business works,'' Payne was quoted as saying in the Toronto Star. "I'm going to help the team through a transition period. I don't want to - I won't - turn my back on this club.''
The relationship between Payne and Nelsen reportedly deteriorated in recent weeks and the board considered letting Nelsen go as well.
"However, Nelsen was able to make the case that he understands the problems facing the team and has plotted out a solution combining big signings and low-cost trades,'' the Toronto Star reported.
Nelsen brought All Whites and Wellington Phoenix striker Jeremy Brockie on loan and has expressed an interest in getting Brockie back again either on loan or on a permanent deal.
Nelsen recently told the New Zealand Herald he loved the challenge of football management and it's likely he will see Payne's departure as another chapter in that.
"Every week your job is on the line and I love that kind of thing,'' he said last month. "I could get fired tomorrow ... that's life ... and that's why it's so much fun. The pressure and stress you go through, you know you're living life.''