Scunthorpe United chairman Peter Swann has explained why he is resigning with immediate effect with the club on the brink of relegation from the Football League for the first time in more than 70 years.
Saturday saw the Iron fall to a 1-0 defeat at League Two leaders Forest Green Rovers.
It was their fifth straight loss and leaves them rock bottom, 13 points from safety with only six games remaining.
Swann, who took over in 2013, announced the news on Thursday and on Sunday night he posted a 700-word statement outlining his reasoning.
In amongst the lengthy statement was a request for fans to continue to support the Lincolnshire club financially through buying tickets and catering facilities, whilst he re-iterated that he had not "taken one penny out of the club".
Swann said: "I have done all I can financially to support the club over the last few seasons and we have had a concerted effort to take the club to a sustainability model and that would have happened earlier if it wasn’t for the pandemic.
"The turnover the club generates isn’t enough to maintain a large playing budget and that was and has been evident over the last few seasons. Sadly, the lack of cash flow and having to borrow monies from the EFL have combined with the club being restricted on its player recruitment and this has been detrimental to our performances, and we find ourselves staring relegation in the face."
Swann also says the club would have gone into administration last season had they not taken on an EFL loan. As per the arrangement of taking on that loan, the Iron were one of eight EFL sides placed under a transfer embargo.
Swann said: "Last season we had no cash as such and if we had not taken the EFL loan we would have been in administration and relegated through points deduction then, or this season.
"So I had to decide, and try to give us a chance this season. However, the embargo attached to the loan put us at a huge disadvantage - one we have been unable to overcome."
Swann went on to add that he is "not actively looking for a new owner" but that tentative discussions are ongoing with several groups. He added: "Having stepped down I can spend more time now working toward finding a new owner for the club and securing its future."
Former Scunthorpe player and head of recruitment Lee Turnbull has been appointed the club's chief operating officer and has taken on Swann's duties. Iron boss Keith Hill was generally happy with how his side played against pace-setters Forest Green but he understands his side needs points, not performances.
He said: "I’m pleased with the players and their determination and grit, and the willingness to challenge the opponents as good as they are. I’m really pleased with the performance and that’s what I’m looking for. Obviously you want performances to turn into results but I thought it was marginal today against arguably the best side in the league.”
