Southampton have regrettably confirmed the resignation of chairman Nicola Cortese.
The Italian has decided to step down after four-and-a-half-years at St Mary's, reportedly due to an ongoing conflict with club owner Katharina Liebherr, who will now assume the role as non-executive chairman in the meantime.
"With great regret we have accepted the resignation of Mr Cortese," said Liebherr, who took over as Saints owner when her father Markus died in 2010.
"He has done a wonderful job and we very much wanted him to stay. A search has now begun for a successor.
"It is business as usual and we will ensure that the manager, team and staff at the club have all the help and support they need."
In addition, a post on Southampton's official Twitter feed read:
Southampton FC announces that club owner Katharina Liebherr has taken on the role of non-executive Chairman. #saintsfc
— Southampton FC (@SouthamptonFC) January 15, 2014
This follows the resignation of Nicola Cortese. A search has begun for a Chief Executive Officer #saintsfc
— Southampton FC (@SouthamptonFC) January 15, 2014
