Tottenham Hotspur announced on Thursday that Daniel Levy has stepped down as the club's executive chairman with immediate effect after 24 years in post.
Levy, who was appointed in March 2001, had become something of a divisive figure among Spurs supporters, overseeing the redevelopment of their home ground into one of the finest stadiums in football along with a state-of-the-art training ground yet delivering just two trophies during his two decades in charge.
Peter Charrington, director of owners ENIC, only joined the board as a non-executive director in March but he has been named as Levy's successor.
Sources have told ESPN that Spurs have been in discussions with interested parties over potential fresh investment -- or even a possible sale of the club -- for several months, although it is unclear how advanced any talks currently are.
In a statement, Levy said: "I am incredibly proud of the work I have done together with the executive team and all our employees. We have built this club into a global heavyweight competing at the highest level.
"More than that, we have built a community. I was lucky enough to work with some of the greatest people in this sport, from the team at Lilywhite House and Hotspur Way to all the players and managers over the years.
"I wish to thank all the fans that have supported me over the years. It hasn't always been an easy journey but significant progress has been made. I will continue to support this club passionately."
Spurs confirmed there were no further accompanying changes to the ownership of the shareholder structure of the club for the time being. ENIC own 86.58% of Tottenham and Levy owns 29.88% of ENIC.
Tottenham said in a statement: "Tottenham Hotspur has been transformed over the last quarter of a century. It has played in European competitions in the last 18 of 20 seasons, becoming one of the world's most recognised football clubs, consistently investing in its academy, players and facilities, including a new, world-class stadium and state of the art training centre.
"The club has also competed regularly at the highest level, enjoying a number of fantastic on-field successes, including the recent Europa League cup win.
"As part of its succession planning, the club has made a number of senior appointments in recent months. Vinai Venkatesham was hired as chief executive officer (CEO), with Thomas Frank as our new men's head coach and Martin Ho as women's head coach. Peter Charrington joined the board and will step into the newly created role of non-executive chairman."
In addition to Venkatesham's arrival, board member and long-time Levy acolyte Donna-Maria Cullen stepped down earlier this summer.
Chief football officer Scott Munn also left the club in June.
Charrington said: "I am very honoured to become non-executive chairman of this extraordinary club and, on behalf of the board, I would like to thank Daniel and his family for their commitment and loyalty to the club over so many years.
"This is a new era of leadership for the club, on and off the pitch. I do recognise there has been a lot of change in recent months as we put in place new foundations for the future. We are now fully focused on stability and empowering our talented people across the Club, led by Vinai and his executive team."
Levy also took the decision to sack manager Ange Postecoglou in June, 16 days after he led them to their first trophy in 17 years with victory over Manchester United in the Europa League Final.
Postecoglou was subsequently replaced by Thomas Frank, who has made an encouraging start albeit losing his final Premier League match before the international break with a 1-0 home defeat to Bournemouth.
Levy repeatedly faced protests from a section of Tottenham fans who believed the club prioritised finance over football and questioned his ambition to win major honours.
Speaking last month, Levy said of those protests: "Of course it hurts. But their pain is also my pain. I want to win, and when we are not playing well and not winning, believe me, I suffer as well."