Professor McKenzie has cut Leeds ties

McKenzie was appointed a non-executive director a year ago but became chairman after Peter Ridsdale's resignation.

He stepped down at Leeds' annual meeting as they sought new owners and wrestled with debts of �100m, but stayed on as an Elland Road director.

McKenzie has business interets in the Far East and said: "I have stepped down because I cannot properly fulfil my functions as a director."

He added: "I remain the largest individual shareholder at the club, and I shall not be selling those shares, whilst I will also be continuing in my role as an advisor to the club.

"Not forgetting, I still have seats at Leeds United which I personally pay for."

During his nine months as chairman, McKenzie came in for criticism for his poor handling of Harry Kewell's �5m summer move to Liverpool.

His acceptance of �200,000 for what was described as a "consultancy fee" in the annual accounts for a period through to September this year was also widely condemned in light of the club's debts.