Mike Bushell reports (BBC News 24)

The news came soon after the club admitted that Johnson had not told manager Walter Smith about the sale until negotiations were complete.

Johnson said he had decided to go because the job had become increasingly difficult since he moved to Jersey earlier this year.

The increased pressure had led to health concerns, he added.

Mark Pougatch: The fans became disillusioned with Johnson

A statement said Sir Philip Carter would be the new chairman and Bill Kenwright his deputy.

Johnson is to remain on the board as a non-executive director and over the coming months he will be considering options for his 68% beneficial interest.

'Only a step in the right direction'

Fans have welcomed the news but have warned the club that they will not be happy until that stake is sold.

Bob Naylor, spokesman for the Everton Supporters (Goodison) Club said: "It's only a step in the right direction. It's all a bit late really, but we won't rest until he has sold his shares and has gone from the club all together.

Fans planned to demonstrate at this Saturday's home game

"Frankly we have always viewed him as a Liverpool fan," he admitted.

"There has been one catastrophe after another and the sale of Duncan Ferguson was the final straw."

If the decision had been taken by Smith fans would have accepted it but "the player was sold by the chairman without the manager knowing, and that is nonsense".

Theatre impresario Kenwright, who Johnson beat for control of the club in 1993, is believed to be putting together finance to bid for Johnson's shares, but fans and shareholders are prepared for a long wait.

Naylor said: "We have constantly been told that Kenwright isn't in the same league as far as money is concerned as Johnson, so it could take some time for the money to be got together."

'Go quietly' message

The club's shareholders' association, who were demanding an EGM to pass a vote of no confidence in Johnson, revealed that they spoke to him last week and advised him to resign now.

"It seems that he has taken that advice," said vice chairman Kevin Nolan.

"We told him that as a club owner he had the right to buy and sell who he wanted, but there is a moral code to uphold in your dealings with your manager, and he chose to ignore it."

Earlier in the day the club finally agreed to manager Smith's demand that he be absolved from all blame surrounding Ferguson's departure.

The club's statement said they were listening to offers for Ferguson

Smith had considered his position at the club because he was not told what was going on.

On Monday the club confirmed that he had not been informed of developments, but a statement stopped short of an apology to the manager.

The key point of the document said: "A substantial offer for Ferguson was received from Newcastle which was discussed with that club's representatives immediately before and during the course of last Monday's game.

"Their discussions resulted in an agreement being reached at the time.