Peter Millers was brought in to find a buyer for the club which has been in financial trouble for some time.
It is believed Port Vale owe Stoke-on-Trent city council around £2m but they've now fallen behind on those payments.
They are also currenlty in dispute with a Milton Keynes based firm about the production of their match day programme, and there's also an ongoing dispute with an American company about a pre-season tour of the US and Canada.
On Saturday a transfer embargo was placed on the club after they failed to play a tax bill.
Those situations and the ongoing financial mess at the club has led to huge protest from the club's supporters against the remaining board of directors here. They've long called for Peter Millers to resign.
They would have had the opportunity to oust Mr Millers, and the remaining directors Mike Lloyd, Glen Oliver and Perry Deakin at an AGM/EGM on 13th March, but because of the club's failure to post relevant information packs to shareholders the meeting has had to be postponed.
Despite Millers widespread unpopularity news of his departure has real consequences for this football club. His resignation means that the Vale board has fewer than the four directors required by law to allow the club to function properly.
It means they don't have the ability to enter into contracts or do things directors normally do to run the business.
On the pitch Micky Adams has been working wonders Vale Park. The team lie in 7th place in League Two despite the ongoing mess off the pitch.
Administration however means the team would be deducted 10 league points. That would all but end any chance of play-off place and could see them forced to sell their more talented players.
Throughout this Micky Adams has done what many managers in his position have done in the past - concentrate on football and refrain from commenting on finances.
But inevitabely the two were always desitned to meet and today he's faced with the very real prospect of having to manage a team in the bottom half of the table that yesterday was pushing for promotion.