Karl Oyston has resigned as chairman and as a director at Blackpool with immediate effect.
The newly-promoted Barclays Premier League club announced on Wednesday afternoon that the 43-year-old had stepped down but will remain as acting chief executive until the end of the season or new appointment is made.
During this time Oyston will continue to work with manager Ian Holloway on the recruitment of players and on the Bloomfield Road stadium redevelopment project.
The bombshell comes just hours after the club announced their seventh signing of the summer transfer window in Israeli defender Dekel Keinan.
A statement from the Tangerines added: "The club would like to emphasise that there will be no interruption in the recruitment of players or the work required on the stadium."
Blackpool could add to their striking options after agreeing a fee with Bournemouth for the transfer of Brett Pitman.
The player is discussing personal terms with the Premier League outfit ahead of the proposed move.