Northampton chairman Andrew Ellis has stood down from his position with immediate effect, citing his commitments to other "business ventures".

The Second Division club have announced that Ken Good will serve as acting chairman for the foreseeable future.

In an official statement, Ellis said: "Being at the helm of a football club is a 24/7 commitment which requires 110% effort.

"Unfortunately, due to previous unfinished business ventures, I have found myself in a situation where I can no longer devote the necessary time and energy to justify the title of chairman of Northampton Town Football Club.

"While I am sad and disappointed, I can wholeheartedly assure everyone I am standing down for the best interests of the club."

Ellis insisted he had every confidence in his replacement's ability to perform the chairman's duties.

"I would like to stress I will retain as much involvement as possible and remain as an active director on the board," he added.