Massimo Cellino has resigned from his post as Leeds United president.
Cellino, who competed his takeover of the Yorkshire club in April 2014, was disqualified from his role at Elland Road until 10 April 2015 after the Football League rejected his appeal after failing the owners' and directors' test.
But the Italian businessman plans to return to the club at full capacity once his ban finishes.
A statement from Cellino, issued through Leeds' official website, 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."
BBC Radio Leeds reports that board member Andrew Umbers will be named interim chairman.
Cellino was formally banned as owner of the club on Monday and was ordered to relinquish his control of the club within 48 hours.
The 58-year-old was however granted additional time to restructure his shares in the club and make arrangements for a new management team at board level at Elland Road.
Cellino's suspension stems from his conviction for tax evasion in his homeland in 2014.
The Football League's ruling barred him from any operations within the club for the duration of the punishment which will last 79 days.