Sunderland chairman Bob Murray has left the Black Cats after 20 years in charge of the Wearside club.
Murray took over the club in 1986
The 59-year-old has been holding talks with a consortium headed by Niall Quinn for his 56.8% stake.
He resigned on 14 June but will stay on the board while takeover negotiations with Quinn's group continue.
Murray said: "It's D-day for me on Friday. I have lived through some great and not so great times, but I'm proud of what has been achieved."
He added: "The club does not resemble what it did before I got involved. I am a lifelong fan and I know the club is in a better position today than back in 1984.
Everbody is hoping a new board with more money can make a difference.
"Success on the pitch is how you are measured in football. I acknowledge my record is mixed, albeit our lowest finish in the last 10 years is third in the Championship.
Murray has now officially left his post as chairman after announcing his resignation a month ago.
Quinn and his partners are yet to make a formal offer for Murray's stake, but it is understood that they will do so in the next few days.
Murray's shares have been agreed to be sold at £5.7m and the same offer would have to be made to the remaining shareholders, who would then have 21 days to make a decision.
Murray added: "Now everybody is waiting for the takeover to go through and hoping a new board with more money can make a difference."