Coventry City deputy chairman John Clarke has resigned from the board at the Ricoh Arena for the second time.
Clarke, whose first spell as a director ended during the 1992-93 season, rejoined the board in January 2011.
Chief executive Tim Fisher warned last week that insolvency remains an imminent possibility after the League One club's bank accounts were frozen.
"It is with profound sadness that I am leaving the board for a second time," said Coventry-born Clarke.
"It was always my intention to stay on a little longer than the two years I had originally planned in order to hopefully see a resolution to the current situation.
John Clarke on his resignation as
Coventry City deputy chairman
“I want the club to find an affordable and sustainable way to stay at the Ricoh ”
"At the moment that does not appear to be the case."
The club are still to resolve a year-long rent row with Ricoh Arena owners ACL.
"I leave in the hope that ACL will come up with a resolution that will give the club a platform to build a sustainable financial future and the supporters the success they deserve," Clarke continued.
"I have been very unhappy as the local director on the board with the danger of an insolvency event due to the current external legal pressures.
"I have made it clear that I want the club to find an affordable and sustainable way to stay at the Ricoh."
Clarke, who was personally responsible for bringing in the club's current three-year £750,000 shirt sponsorship deal, will return to his role as an associate director.