Former England and Manchester City manager Sven-Goran Eriksson has resigned as director of football of English League Two side Notts County.
Eriksson's resignation comes as ownership of the club, which plays in England's fourth tier division, changed hands for the third time this season. Former Lincoln City chairman Ray Trew has snapped up the club, which has debts of over 1.5 million pounds, for just one pound. Trew said in a statement: "Our vision is not for the short term but for the long term."
It continued: "I know fans have been hoping for a miracle investor who will spend an astronomical amount of money for a shortcut into the Premier League. Notts County Football Club is in a difficult financial position. We are here to make sure that in the short term the situation is resolved to provide a platform for the club to move forward in the long term."
Eriksson arrived as part of an ambitious plan by former owners Munto Finance to take the Magpies into the second-tier Championship within five years. But the Middle East-based consortium pulled out in December and chairman Peter Trembling bought out their 90-percent stake in the club.
Rumours of financial problems continued to dog Notts County and the club even faced court and a winding-up order over unpaid tax bills. Trembling will also leave the club with immediate effect as a result of the latest takeover.
Eriksson, who last year pulled out of the running to coach the Sweden national team, has agreed to take up the honorary title of joint life president of the League 2 side. New chief executive Jim Rodwell told the BBC that Eriksson's post would not be filled in the short to medium term and praised to the Swede's contribution to the club.
"He 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."