Monday 26 January 2015 13:39, UK
Massimo Cellino has stepped down as president and director of Leeds United following his disqualification by the Football League.
However, Cellino will be able to return in April and says he is looking forward to doing so.
The 58-year-old Italian was disqualified from owning the Championship club in December after the Football League were given documents from an Italian court which had found Cellino guilty of tax evasion.
The League said Cellino had failed to pass its 'fit and proper person' ownership test but Cellino appealed the decision.
However, he lost his appeal on Monday and was barred from having anything to do with the running of Leeds until April 10, when it is deemed his conviction will be spent.
I abide by the Football League's decision to temporarily disqualify me from this great football club and will return in April in good health and good spirits.
And he released a statement on Friday which read: "It is with great sadness and frustration that I have to take this step.
"However, I abide by the Football League's decision to temporarily disqualify me from this great football club and will return in April in good health and good spirits.
"I have done my best for a club and fans that I hold close to my heart and it is now financially much stronger than it has been for a long time.
"It will continue to thrive and I am sincerely looking forward to returning very soon."
Leeds have also announced that board member Andrew Umbers will take over as chairman while Cellino is absent.
Cellino added: "Following my resignation and in my temporary absence, the board has appointed Andrew Umbers to become chairman of Leeds United.
"Andrew has personally worked tirelessly with me in restructuring the football club from May 2014 and shares the same goals, strategy and insights that I do in bringing Leeds United back from its financial abyss to make it the strong entity that its fans, players and city need it to be.
"Andrew is also a Yorkshireman and lifelong Leeds United fan."
Cellino took over at Leeds last April, after winning an appeal against a Football League ruling which vetoed his ownership bid.
Following Monday's ruling, he was told to relinquish control at Leeds by noon on Wednesday but was granted extra time in order to reorganise his shareholding and sort out the structure of the management team at the club.
Leeds are enduring a difficult season in the Championship under manager Neil Redfearn, who was apppointed after Cellino fired Dave Hockaday and then Darko Milanic, who each lasted just six matches in charge.
The Yorkshire side are 20th in the table, six points clear of the relegation places.
