Preston chairman Derek Shaw has announced that he is to stay on - having said in August that he would not stand for re-election.
Shaw said in August that it was "time for a change" but will stay
The club's annual general meeting is set to take place on 17 December.
Deputy chairman David Taylor told the club website: "I have been urging David to reconsider his position.
"It is very clear there is no-one prepared to step up to the plate with an open cheque book, so I am delighted Derek has agreed to remain."
Shaw will now seek re-election at the AGM, but is likely to remain in the role he has held on a full-time basis since August 2002 after the board and major shareholders persuaded him to stay on.
The club also hope to appoint a successor to manager Paul Simpson, who was sacked on Tuesday, within a fortnight.