Ilyas Khan believes he has left Accrington Stanley in safe hands – but he will still be involved with the club.
The 49-year-old stepped down from his role as chairman and major shareholder at Stanley at last Friday’s AGM.
He has handed over his chairman role to current director Peter Marsden and there will be new directors coming on board – who will be introducing around £150,000 to Stanley’s coffers – while Khan’s shares have been handed back to the club.
Khan, a merchant banker who now lives in Surrey, will go down in history as the man who prevented Stanley from being wound up for the second time in 2009 following a £306,000 tax bill and a High Court injunction.
"When I put up the cash then I pledged to give my shares away once the club was financially secure," said Khan who did own between 5,000 and 6,000 of the 10,400 shares in the club.
"I repeated the pledge last year and now I have fulfilled the pledge.
"We put some new shares up for sale last year and we have sold 2,000 which is beyond our wildest expectations, it’s brought £200,000 into the club, and this has given the club a degree of financial stability.
"My shares have gone back to the club and current shareholders will benefit.
"Peter Marsden will be taking over as chairman and it’s only right and proper that should happen.
"He has led the charge to put together a consortium of investors and some of them will come on the board as directors.
"It means the board will be diverse and will be made up of fans as directors, as well as investors with commercial and business experience.
"No one will own more than a few per cent of the shares – I think there has always been a majority shareholder in the past – and so no one will have overall control which will help the future of the club.
"The club at the moment has enough money not to worry for the foreseeable future but I am not going away completely. I may not have a role but I will always be around. I am not running away from anything – it's a symbolic gesture and I am fulfilling the promise I made all those years ago.
"I cannot adequately describe my love and passion for the club and the town.
"These are things that will never change and my stepping down is not a departure, simply a change in my relationship with the club."