Halifax Town have been put up for sale for a token £1, with chairman Geoff Ralph having resigned.
Last year's Conference play-off finalists have suffered financially for a long time, losing an average of £3,000 per week, pinning their hopes on the local council bailing out the Shay redevelopment plan that has left the stadium an untouched building site for several years.
Ralph announced a plan several weeks ago to sell up to an un-named West Yorkshire businessman but the deal failed. An onimous statement on the official Halifax site announcing Ralph's resignation reads: "It would therefore be foolhardy to continue to trade the business without the certainty of being able to pay the creditors."
Ralph intends to convert the loans he has made to the club into shares, giving him a majority stake, and hand over the club to any interested party providing they take over the guarantees on existing bank loans.