Portsmouth have confirmed they have accepted Sulaiman Al Fahim's resignation as non-executive chairman.
Al Fahim announced earlier in the day that he was to stand down from the board and give his 10% shareholding to the Portsmouth's Supporters' Trust.
Portsmouth director of communications Gary Double confirmed: "We have received his resignation, which has been accepted by the board."
However the club are mystified as to why Al Fahim posted his 'private and confidential' resignation letter on a public website before informing the club of his intentions.
Al Fahim's resignation was posted on www.arabianbusiness.com and the former board member claimed he had not been made aware of the club's financial situation despite repeated requests.
The Dubai businessman was one of four people to have owned the ailing Barclays Premier League club this season, having taken over from Sacha Gaydamak last summer before selling Pompey to Ali Al Faraj.
Despite relinquishing ownership to Al Faraj, he retained a 10% stake in the club and was also given the position of non-executive chairman at Fratton Park.
His intention to step down initially came as a surprise to the south coast club.
Meanwhile, Pompey could soon have a fifth owner after chief executive Peter Storrie revealed that he is waiting to receive proof of funds from a South African consortium.
"It's a very simple, straightforward position," he told Sky Sports News.
"As far as general negotiations are concerned that's about complete. It is now all about proof of funds.
"If proof of funds can come through bonafide banks then Balram Chainrai is in London and is prepared to push ahead and get the deal done.
"The ball is very much in their court to show us they have the actual funds.
"We've gone through too many things over the last year, people that have come in who have said they have the funds to take the club forward, when they haven't.
"This is all about proving to us, the board and the owner, that the money is there to take the club forward.
"To be fair to them they have provided proof of funds through a lawyer, but we need to see it from a bank. We need to see it, the Premier League need to see it, everyone needs to see it."Reuse content