Sven-Goran Eriksson has left his director of football role at Notts County following the takeover of the club by former Lincoln City chairman Ray Trew.
Eriksson was brought on board as part of the Munto Finance-led takeover of the League Two club last summer.
They promised Magpies fans a return to Premier League football within five years and the former England manager, plus ex-international defender Sol Campbell, arrived at Meadow Lane in a blaze of publicity.
Campbell left after making just one appearance and now Eriksson has stepped back from his own involvement in the club.
However, the Swede will remain part of the scene after agreeing to take a joint life president role after Trew bought the club – which has debts of more than £1.5million – from former chairman Peter Trembling.
"Our vision is not for the short term but for the long term," he said in a statement.
"I know fans have been hoping for a miracle investor who will spend an astronomical amount of money for a shortcut into the Premier League.
"Notts County Football Club is in a difficult financial position. We are here to make sure that in the short term the situation is resolved to provide a platform for the club to move forward in the long term."