Sven-Goran Eriksson has quit as Notts County's director of football after the League Two club's £1 takeover by former Lincoln City chairman Ray Trew.
"He (Eriksson) has agreed to stay on as joint life president, which is a less hands-on role but it gives people an idea of how honourable Sven has been to deal with," the club's new chief executive Jim Rodwell said.
Rodwell said the former England manager's post would not be filled in the short to medium term but he praised the Swede's contribution to the League Two club.
Eriksson, who has had spells as manager of Mexico, Manchester City and Lazio, unexpectedly moved to Meadow Lane last year, with the club's former owners aiming to take England's oldest Football League team back to the top flight after many years in the doldrums.
But the grand plans hatched by those owners, Munto Finance, failed to get off the drawing board and the club was bought out by Peter Trembling for £1 in December.
Yesterday, Trembling issued a statement on the club's website, which read: "I am delighted to announce that the search for investment into this football club has concluded and last night I signed over my 90pc shareholding in the club and, hence, the ownership to a new consortium."
Trembling, who has resigned as chairman with immediate effect, said the consortium would outline their plans at a conference on Monday.
County are seventh in League Two, occupying the last play-off spot, and visit Premier League team Fulham in the FA Cup fifth round on Sunday.