Ilyas Khan admitted he was always a reluctant chairman of Stanley but his tenure at the club has been one of the most positive and enhancing experiences of his life.

Khan, 50 this year, took over the majority shareholding of the Crown Ground club in 2009 – and soon after the chairmanship – but always insisted that he would step down when he felt the club was financially secure.

This he did on Friday at the AGM and left the meeting with a tear in his eye after handing over his shares to the fans and his chairman’s role to director Peter Marsden.

Without Khan, the Crown Ground could now be going the way of the old Peel Park in 1962 and everyone involved with the football club knows they owe a tremendous debt of gratitude to the Accrington-born merchant banker.

But he also feels grateful for having the chance to be involved with his home-town club and he looks back on his three year hands-on involvement with Stanley – although his link with the Reds stretches back 20 years – with a mixture of pride and honour.

He admits, however, that his initial reaction to the events of 2009 was pure horror as he realised the scale of the debt – £306,000 owed to the taxman – and the fact the club was only minutes away from being wound up after a High Court injunction.

At the time, Dave O’Neill ‘owned’ the club but former chairman Eric Whalley’s shares had never been officially transferred to O’Neill.

Khan also reflected how a phone call by then manager John Coleman persuaded him how dire the situation was.

Khan admitted: "I have been involved in one way or another with Accrington Stanley for over 20 years in terms of financial support or donations but the crisis in early 2009 was a great surprise.

"When the Save Our Stanley efforts were not going to bridge the gap (the fans raised around £100,000), and when it was clear that the board would not or could not come up with any cash, I spoke with Peter Marsden and actually suggested that he should become chairman.

"He persuaded me that I was a better choice.

"The critical point in the process though was a call from John Coleman the day before the court hearing (in November 2009) when he asked me to consider getting involved and saving the club.

"I remember the call well as I was in Salisbury at the time, visiting the cathedral.

"After that it was all systems go but the extent of the financial black hole was extremely worrying.

"In the first six months after we paid the HMRC bill there was not a week when something else in terms of creditors did not pop up out of the woodwork from the previous year.

"I did actually intended to step down as chairman at the end of the 2009/10 season after the charity boxing match with Tim Witherspoon but sadly it didn’t happen – there were still matters to sort out at the club.

"But now Accrington Stanley, thanks to the new share initiative, should be financially secure."

The club released 9,999 new shares last year and have sold more than 2,000 of them, raising £200,000 for the club.

"I did own between 5,000-6,000 of around 10,400 shares but I have signed them back over to the club and I own nothing and am no longer a director – but I am not going away!"laughed Khan.

"It has been not just an honour and privilege but a wonderful learning curve to be chairman.

"Being chairman of a professional football club is incredibly transparent. There is truly nowhere to hide.

"But the positives definitely outweigh the negatives, no question about that. My time as chairman has been an inspiring and life-enhancing experience."

On reflecting on his tenure he said: "My greatest memory on the field was clinching a place in the play-offs last season.

"My worst memory on the field was Stevenage at home, in those play-offs, when we lost.

"My best memory off the field was the Tim Witherspoon night but the worst was in January and February 2010 as the true extent of the balance sheet became known.

"The biggest lesson I have learned is that the fans actually own the club. We are simply custodians

"And I have met many characters along the way.

"John Coleman; I doubt if there is a manager out there with greater inner strength and confidence than Coley.

"His record speaks for itself. When I first got involved I only partially understood just how he performed miracles. Now I know he is a real magician.

"I was gutted when he told me he was leaving, but of course I am also pleased that he is moving to another step in his career.

"Former chairman Eric Whalley; I wish Eric all the best and hope that the club and its fans will always remember him with a positive outlook.

"He was responsible in part for many great achievements.

"And current manager Paul Cook; he has that same steely eyed determination and a grounded attitude that will translate into success.

"He is a wonderful addition to the team.

"The club can look forward to the future with optimism.

"The money raised from the share issue has helped the club be in a robust financial state.

"We are no longer firefighting but are now looking forward.

"There is nothing more important to me than this town and this club and I am not running away from anything.

"I have fulfilled the obligation I set when the club almost went bust and now it’s time to move forward.

"There is a new chairman, there will be new directors coming on board – with no one person having a majority – and we start the new financial year with money in the bank. I don’t think that’s happened before.

"My job is done."

New chairman Peter Marsden said: "If it wasn’t for Ilyas Khan the club would have gone belly-up three years ago.

"He single-handedly stopped the club disappearing into oblivion.

"The club is probably in one of the best conditions it has been in – we have money in the bank.

"I am not saying, like any lower league club, it will be a bed of roses but it is in excellent fettle and that’s down to Ilyas Khan."