Former Blackpool chairman Karl Oyston was declared bankrupt on the same day he quit his post at the football club, it was revealed today.
Premier League rules bar anyone made bankrupt from holding the position of chairman or director at a club.
It was reported last month that Mr Oyston - son of the club's majority shareholder Owen Oyston - was involved in bankruptcy proceedings at Lancaster County Court.
Insolvency records show he was actually declared bankrupt on August 18 - the same day the Premier League newcomers announced his resignation as chairman and director.
Days before the court hearing, he offered to step down as chairman because of his stated disillusionment with agents in football and questioned whether he had the "right approach for this division".
Mr Oyston previously said he would stay on as acting chief executive at the Lancashire club until the end of the season or until a replacement was found.