Stewart Donald has resigned as chairman of Sunderland after just over two years with the club.
Donald shot to fame during his appearances in popular Netflix documentary Sunderland 'Til I Die after leading a consortium that bought the club in May 2018.
However, the former Oxford owner has since become desperate to sell his 74% stake in the club, with his popularity amongst fans seriously waning.
Sunderland confirmed that Donald had resigned in a statement released on the official club website, with the club to appoint a new chairman following their next board meeting.
"Holding this position has been a privilege, and not one I have given up lightly," Donald said. "Results and performances on the pitch have simply not been at a level befitting of Sunderland’s history and potential.
"I fully recognise that has caused immense hurt and, ultimately, the buck for the club starting a third successive season in League One stops with me.
"To give the club the best chance of achieving its goals, I have made the judgement that it is right for me to step back from the chairmanship."
Donald took over the Black Cats ahead of their first season in League One, with the club reaching the playoffs, losing to Charlton in the final, during his inaugural campaign with the club.
However, Sunderland missed out on a playoff spot during the 2019/20 campaign, finishing down in eighth after the season was curtailed early as a result of coronavirus.
Although he is stepping down as chairman, he will remain the club's majority shareholder while he continues to look for a buyer. Donald is looking to sell the Black Cats for £37.6m
"In recent months, we have assembled a strong board with relevant experience and skill-sets," Donald added.
"As the majority stakeholder, my remaining responsibility is to ensure that the club has the requisite financial backing to achieve its primary objective of promotion, and I can assure supporters that the club will continue to have the highest playing budget in this division.
"Otherwise, my intention remains to sell SAFC to a suitable new owner, and I remain personally committed to that goal. I would like to place on record my gratitude for the wonderful support that I have received since my arrival at the Stadium of Light.
"Without that support, the club would currently be facing a very uncertain future, as so many others are. Instead, starting from a position of relative financial stability, I hope that this moment will provide a springboard to the success that we all crave and SAFC fans deserve.”