Kevin Heaney has stepped down as chairman of Truro City.
The property developer, who bank-rolled the Treyew Road club's rise up the football pyramid, was declared bankrupt by Truro County Court on Friday.
Heaney has cited health reasons for his decision to step down from the running of the Blue Square Bet South club.
Vice-chairman Chris Webb takes over from Heaney, who led the club from playing local league football to the Conference South.
But the club has faced financial problems in the past year and faced a number of winding-up petitions.
Last week the chairman of Salisbury City, William Harrison-Allan, said he was hoping to do a deal with Heaney to buy Truro's Treyew Road ground.
Heaney was also at the centre of a bid from Gibraltar-based consortium Bishop International to buy Plymouth Argyle last summer.
The consortium was given preferred bidder status but eventually pulled out of the deal.