Karl Oyston has resigned as chairman and as a director at Blackpool with immediate effect.
Oyston had already offered to step down earlier this month after questions were raised over his suitablility to lead a club in the Premier League.
And on Tuesday Oyston underlined the reasons behind his offer to step aside if another person could push the club forward in their debut Premier League season.
Oyston had said: "The offer (to stand down) is still open. I have told the board and, yes, I am very serious. Why? Because I'm not sure I have the right approach to be in this division. The more I speak to other people at other clubs, the more I realise I am a lone voice.
"There was some support for things I did and said in the Championship but there doesn't seem to be any in this division. Everyone else seems to subscribe to the way that business seems to be conducted and it is a way I find unacceptable, so we'll see."
Oyston will remain as acting chief executive until the end of the season or new appointment is made. He will continue to work with manager Ian Holloway on the recruitment of players and on the Bloomfield Road stadium redevelopment project.
A statement from the club added: "The club would like to emphasise that there will be no interruption in the recruitment of players or the work required on the stadium.''
Blackpool Supporters' Association chairman Glenn Bowley does not believe Oyston's resignation is a "massive blow''.
"I'm quite surprised Karl has decided to step down as chairman,'' Bowley told Sky Sports News. "Karl had a very no-nonsense style of approach, he certainly holds no prisoners and always looks to get the best deal for the club.
"As far as Karl's concerned the club's finances are most important rather than players picking up huge amounts of money in terms of salaries and bonuses. I know at times he may come across as quite difficult to deal with but as far as he's concerned, it's about getting the best deal for Blackpool Football Club and making sure the club is financially secure, as opposed to perhaps looking at other clubs who have struggled financially in the past.
"I don't particularly think it is a massive blow. Ultimately, what wins football matches are footballers and managers and while we've got Ian Holloway as manager and the players we've got, I don't think it will have any major effect on the pitch.
"In fact it may even have a positive effect, Karl might even say that himself, with a few fresh ideas, new faces and things.''