Stockport County vice-chairman Spencer Fearn has rocked the club by resigning from the board of the club following their relegation.
Fearn owns 20% of the shares in County and in a 16-month spell with the Hatters invested more than £365,000 in to the Edgeley Park club.
Now, as the club prepares for life in the Blue Square Bet North, he is stepping down with immediate effect, expressing his disappointment at the club’s relegation.
“I am devastated by the club’s relegation and consequently, I feel it is time to step aside,” he said in a statement on the club’s official website.
“Now, I make way for new investors or indeed the current shareholders to contribute more and take County forward.
“I remain immensely proud of the sheer hard work, time and investment administered to help maintain County’s very existence since I joined a club on the brink of administration in January 2012.”
Fearn insisted he had enjoyed his tenure at the club and thanked everyone associated with the Hatters for keeping the club going in the last few seasons.
“Keeping the club afloat in this time has been one of my greatest challenges and with the help of some kind individuals and fantastic fans, we have managed to achieve this,” he said.
”I am certain that this great club and its supporters will prosper once more.”
The former Sheffield United player acquired his stake in the club in November 2011 and was appointed vice-chairman ahead of last season.
Chairman Lord Peter Snape described Fearn’s resignation as a ‘major blow’ but said he understood why the decision was taken.
”I want to thank Spencer for investing his time, effort and money since January 2012 and without his input the club simply would not have survived,” he explained.
“We will now be working around the clock to try and fill the huge void that he leaves behind.
“We would urge any local business people with an interest in this football club to come forward as soon as possible to see how they can assist us.”