Milan Mandaric has quit Portsmouth

[Micky Singh]

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Milan Mandaric has formally announced his resignation as chairman of Portsmouth.

The Croatian-born businessman will step down following Monday's Premiership home clash with Bolton Wanderers - a match that can be seen live on Sky Sports 1.

Mandaric has been in a non-executive chairmanship role with the South Coast club after selling his remaining shares in Pompey to Russian millionaire Alexandre Gaydamak back in July.

The announcement brings an end to an incredibly successful tenure for Portsmouth, as Mandaric took the club out of administration in 1999 and helped lead them to becoming an established Premiership club in the space of four years.

With Pompey surviving relegation from the top flight last season, Mandaric began to relinquish his role in the club with his sale of shares to Gaydamak before deciding to formally stand down after Monday evening's game.

"My last match as chairman will be against Bolton and though it will be a very emotional occasion for me, I will leave immensely satisfied and happy about what I have achieved and whose hands I leave this club in," Mandaric said in a statement on the club's official website.

"Already Alexandre Gaydamak has made his own impressive mark on the club, which I fully expected and applaud.

"It is now right that a man who is fiercely committed to the interests of Portsmouth FC and its fans should be allowed to pen his own exclusive chapter, as he takes things to the new heights I know he will achieve.

"I am and will always be immensely grateful to the city which graciously bestowed upon me its freedom, and our wonderful supporters whose relationship with me has no equal.

"This is the established Premier League side which I promised when I came and from that establishment, there are now new heights to reach which Alexandre will take the club onwards and upwards to.

"This club and its supporters can never leave my heart whatever I go on to do in football, whether it be in this country or across the world, and both will always be part of me and my life."