"We are very disappointed with the state of our athletics. We understand that [suspended president Leonard] Chuene has failed athletics. However, the problem remains with athletes now," Malherbe told a press briefing.
He said sponsorship losses like Nedbank were a result of poor administration and the wrong people being appointed, and not elected to the board.
"Athletics is our source of livelihoods," he said.
Olympic medallist Hezekiel Sepeng, who was elected to the board in the North West on Thursday - said individuals had lost sponsorships because of the board.
"It's because of what's happening in athletics," he said.
Malherbe said there had been indications that sponsors would be prepared to back the athletes once again, under a new board.
"But there is no clarity on that."
Malherbe, joined by a number of athletes from Gauteng and the North West, said they believed the recent gender testing of gold medallist Caster Semenya served to highlight problems in the association.
Semenya won the gold medal in her race at the International Association of Athletics Federations world championships in Berlin in August.
The athletes denied that the Semenya saga had spurred them to voice their concerns, but only "opened the door" to do so.
"Athletes have been marginalised by the administration, they have been prevented from speaking out."
Former sprinter Geraldine Pillay, who has had many run-ins with the board in the past, said she agreed there had been victimisation by the board.
"When they started speaking out they were removed from ASA. It took Berlin and a gender test to unravel that," said Pillay.
Board positions the athletes wanted included training, development as well as senior positions.
"The athletes have been marginalised for a very long time. As the main stakeholder we feel that athletes need to be given an opportunity to run their own sports and restore the image of athletics," Malherbe said.
Steeplechaser Ruben Ramolefi felt athletes could continue to compete and still hold a position on the board or at provincial level.
"It is a choice. Russia has proven that athletes can compete and be part of management, and they are one of the top competitors."
The South African Olympic governing body Sascoc, which suspended Chuene, would meet to discuss the interim board on Saturday.
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