Birmingham City chairman David Gold has decided to leave the club after rejecting the chance to become vice-chairman under the ownership of Carson Yeung.
The Hong Kong billionaire's takeover of the Blues was confirmed earlier in the week.
Gold replaced Jack Wiseman as chairman at St Andrew's in 1997 after taking control of the club with David Sullivan four years earlier.
Sullivan, managing director Karren Brady and Gold's brother Ralph have all left the club following Yeung's takeover.
Yeung's representative, Peter Pannu, told the Birmingham Mail: "We have a lot of respect for David Gold and the excellent job he has done for the football club.
"Unfortunately we couldn't offer him the position of chairman which is what he wanted. Vico Hui is to come in as chairman.
"Regrettably our offer to David Gold to become a vice-president has been turned down so we were not able to come to a suitable agreement."