Nick Hawkins has decided to hand over the reins at Nuneaton to manager Jimmy Ginnelly.
Hawkins took over the club at the beginning of November. He has said that he has taken the club as far as he can. They are currently bottom of the National North league.
According to BBC Coventry and Warwickshire the club are thought to have debts of around £100,000.
The ground is owned by Port Vale chairman Norman Smurthwaite.
Nuneaton released a statement yesterday.
"The shares in Borough Leisure Ltd, the parent company of the club,
will be held in trust by manager Jimmy Ginnelly until new shareholders
can be found.
"The club is completing a prospectus for interested parties and will be aiming to find 10 backers, who will take 10% of the shares each, for a rolling payment of £10,000 each season.
"The finer details will be available, upon request, to all interested parties.
"He (Hawkins) will not be listed as a creditor and does not hold any director loans to be repaid."