Michael Wilde has resigned as chairman of Southampton, and will relinquish the role with effect from Wednesday. He has also stepped down as a director of the club, and as vice-chairman and a director of parent company Southampton Leisure Holdings plc (SLH).
Wilde, 54, replaced Rupert Lowe as Saints' club chairman in June 2006.
A statement read: "Michael led the initiative to secure new investment monies. He has been unsuccessful in those endeavours."
It added: "In consequence of this, the board reassigned the task of raising new funds to other directors of SLH.
"Michael remains a significant shareholder and intends to continue attending Southampton matches as an avid supporter."
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