Leonard Brody stood down from his Director's role at Coventry City, the club have formally been announced in a statement.
Many City supporters had suspected that his stepping down as a Director would be forthcoming after bio's written about the entrepreneur talked about him being at Coventry City in the past tense.
City have issued the formal statement which reads: "The Board of Coventry City Football Club wishes to announce that Leonard Brody has resigned as a Director. Mr. Brody will continue on actively in his role as a shareholder of Sky Blue Sport and Leisure Limited, the ultimate parent company of the Club.
The Board wish to place on record their thanks to Mr Brody for all his work and commitment during the year and look forward to continuing to work with him in his capacity as a shareholder."
Speaking about his decision, Mr Brody said: "Above all, it has been a great privilege to serve as a Director of Coventry City.
"During the beginning part of my term I was able to dedicate significant time to the Club, however, I am afraid that my daily work schedule and business affairs outside of Coventry City have made it increasingly difficult for me to continue to provide the kind of hands on attention the Club requires and deserves.
"I also feel it is important to ensure that is there is room made on the board for people from the community, whose input is vital to the success of the business.
"I remain a shareholder and do intend to be an active independent voice, working with the majority owner to ensure that Coventry City overcomes its recent challenges and delivers a better experience to the fans in the coming year."
The Board wish to place on record their thanks to Mr Brody for all his work and commitment during the year and look forward to continuing to work with him in his capacity as a shareholder.