Trevor Birch yesterday resigned as Everton's chief executive after only six weeks in the post, frustrated at perceived restrictions placed on him by members of the board and which he felt prevented him from doing his job.
The Merseyside club had turned to Birch to help eat into debts approaching £40 million, after his success in similar roles at Chelsea and Leeds.
Birch suggested the best way the club could revive would be to find an outside buyer and is understood to have grown exasperated that his advice was rejected by the board.
Instead, he proved to be the victim of an ongoing power struggle between the chairman Bill Kenwright and the director Paul Gregg.
Birch, who didn't enjoy a good relationship with manager David Moyes, but had mustered funds to offer Wayne Rooney a five-year deal worth £50,000-a-week, went on holiday yesterday and was not available for comment.
"I am obviously disappointed that things did not work out and I am very sad to see him leave," said Kenwright. Everton are now seeking a successor, though any replacement is likely to be handicapped by in-house politics.
The root of the board's problem appears to be a growing split between Kenwright and Gregg, who joined in March 1999.
The pair worked together to buy the club, forming True Blue Holdings which owns more than 70 per cent of Everton and in which all four board members hold shares. Gregg has made it clear he would prefer True Blue's shareholding to be diluted into that of Everton Football Club Co Ltd, with Kenwright opposed to that plan.
"At the moment, investors could put money into the club, but still not have a voice in how it goes forward if they are not part of True Blue," said Gregg, who did not attend a home game last season.