Three of the top members of the board of Southampton Leisure Holdings, which owns Southampton Football Club, have resigned following a failed takeover.
Chief executive Jim Hone, chairman Ken Dulieu and commercial director Andy Oldknow have all resigned.
In a statement they blamed "a major difference of opinion between them and certain major shareholders".
The board had backed a takeover by SISU Capital, which fell apart after SISU decided to buy Coventry FC instead.
The takeover proposals for Southampton were rejected by three of its major shareholders: Rupert Lowe, Michael Wilde and Leon Crouch.
"The chairman and departing executives do not wish to be a barrier to whatever future those shareholders now envisage for the company and the club," the statement added.