Sven-Goran Eriksson leaves after Notts County takeover
Eriksson spent five years in charge of the England team
Sven-Goran Eriksson has resigned as director of football at Notts County following the club's takeover by former Lincoln City chairman Ray Trew.
Trew has paid £1 to buy the club from chairman Peter Trembling but Notts have debts which total more than £1.5m.
Eriksson has taken up an offer to continue in a non-active role as joint life president of the League Two club.
The club risk being wound up by the High Court unless they settle a tax bill of more than £300,000.
Trembling told BBC Radio 5 live that Trew would provide a solid platform to prevent the club going under.
He added: "It's been an incredibly difficult few months and worst of all for the supporters who have been through turmoil more than anything else.
Trembling 'sad' to leave Notts County
"But we are in a good position in the table looking for automatic promotion [from League Two] and we are in the FA Cup fifth round.
"The plans were right, the dream was right but unfortunately the money wasn't there and that's left the club in dire financial straits.
"The important thing is Ray Trew and his consortium can bring a semblance of stability to the football club and I can see them being there for some time to come."
In an earlier interview, he said: "The new owners are not of the £25m-plus ilk but they do know the football business and most importantly have sufficient funds available to ensure the immediate survival of this football club and not least in view of our court case in less than two weeks.
"I have said all along that for relatively little investment and the capability to build thereafter, this opportunity represents one of the best, pound for pound in football."
Middle Eastern consortium Munto took over the club last summer with promises of a five-year plan to take County to the Premier League.
Former England manager Eriksson was named director of football and Sol Campbell was the biggest name signing as a host of new players joined the club. But the new backers pulled out and Trembling took over in December.
Departing director of football Eriksson's reputation appears to have been enhanced by his time with the League Two club.
Midfielder Matt Hamshaw said the former England boss was a constant presence in training and was a pleasure to work with.
"He never missed a day's training even in the snow and rain," Hamshaw told BBC Sport. "He has stuck through it all. He was a real gentleman and was always there to help players out."
New chief executive Jim Rodwell said Eriksson's post would not be filled in the short to medium term but he added his praise to the Swede's contribution to the club.
Rodwell added: "He has agreed to stay on as joint life president which is a less hands-on role but it gives people an idea of how honourable Sven has been to deal with."
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