Chester City owner Stephen Vaughan has put the League Two club up for sale.
It is understood that poor attendance figures at the Deva Stadium and the current economic conditions have led to Monday's announcement.
Vaughan, who stepped down as club chairman in December 2007, brought Mark Wright back to the club as manager for a third time earlier this month.
City are four points above the League Two relegation zone in 19th, having accrued just 13 points this season.
The club said, in a short statement, that Vaughan, who originally stepped down as chairman last December, has now "put the club up for sale and will continue to sponsor the club until a suitable buyer is found".
Vaughan, who has also spent time as owner of non-league Barrow and rugby league side Widnes, first took over at the Deva in 2001 during City's Conference days.
And, following the appointment of Wright as manager for the first time in January 2002, he helped build a team that took City back into the Football League in April 2004.
But City have for the most part struggled back in the league.
Final placings of 20th, 15th and 18th were followed by last season's blistering start when, under Bobby Williamson, they lost just twice in their first 14 games to climb to second in the league. But they were to win just four more games all season.
They rapidly dropped out of promotion contention long before Williamson's sacking in March and, in the end, only just stayed up.
More pertinently, they have continued to see a worrying fall in gates at the Deva, which is owned by the Chester city council.
In 2005/06, Chester were averaging 2,964 for home league games, which dropped to 2,473 in 2006/07, then held its own at 2,479 last season.
But the average home attendance this season is just 1,950, despite three of their nine home games having been 'derbies' against Bury, Shrewsbury Town and Port Vale.
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