Real Mallorca president Jaume Cladera has resigned from his post with the Primera Division club.
Cladera, who took up the position in July 2010, announced his decision at a press conference on Monday.
He said: "There comes a time when the right thing to do is look for the best solution for the club and I understand that right now the best thing was to tender my resignation. I'm leaving because I think it's the most positive thing for Real Mallorca and to make things work better.
"I'm convinced that I've dedicated two-and-a-half years of my life to Real Mallorca, obviously with successes and mistakes as well.
"In any case, I feel I've given my body and soul to this club to try and get Mallorca out of a very delicate financial situation. After all this time, I'm happy and calm with the decision I've taken.''
Information from the Press Association was used in this report