Port Vale chairman Norman Smurthwaite has resigned as the clubs chairman and has said he is looking to sell the club.
Smurthwaite has been chairman of the club for four years but he will no longer be involved with the running of the club which will be left to CEO Colin Garlick.
Smurthwaite has apologised to supporters after the club was relegated to League 2 following a 0-0 draw at Fleetwood. Some fans have blamed him for that due to his decision to appoint Bruno Ribeiro as manager last summer as part of a project to bring in a group of players who were untested in the English lower divisions.
In a statement released Smurthwaite said: "In thinking outside the box last summer I have clearly seriously damaged our club, resulting in Sunday's relegation which was never my intention as the club is now a big part of my life. I deeply regret the actions and appointments I made during the closed season and would like to apologise sincerely to all supporters, Port Vale staff and the wider Burslem community for the impact of my decisions last summer."