Bolton have announced that Dean Holdsworth has resigned from his role as director of football.
The former striker, who played for Bolton from 1997 until 2003, led the Sports Shield consortium that took over the club in March this year for £7.5million, preventing it from liquidation.
He will remain as a shareholder.
A statement read: "Bolton Wanderers can confirm that Dean Holdsworth has resigned from his role as director of football.
"The club will be making no further comment on the matter."
Holdsworth released a statement to the Bolton News, which read: "As of yesterday, I ceased to be employed by BWFC as director of football but wish to confirm that I remain as a shareholder and director of Burnden Leisure Limited with Ken Anderson.
"I remain fully committed to the club and am excited by the prospect of a successful new season."
Bolton begin life in League One following their relegation last season, with Phil Parkinson taking over as manager.
Bolton have fined and disciplined midfielder Liam Trotter and defender David Wheater for making an offensive gesture ahead of their defeat at Brentford on Tuesday night.
The players were also warned about their future conduct after they were caught on camera sticking their middle fingers up as they walked into Griffin Park prior to the match.
A club statement read: "Bolton Wanderers takes the conduct of its players and staff extremely seriously and will not tolerate such behaviour.
"The club would like to apologise for any offence caused by the incident."
Trotter later offered his apologies for the incident.
He told the Bolton News: "I apologise wholeheartedly - it wasn't anything aimed at the fans or the club.
"It was a silly prank, but unfortunately it went out live which we didn't know about.
"But it shouldn't have happened and I accept that we have to be better than that."
Bolton's 3-1 defeat pushed them another step closer to relegation, which will be confirmed if they lose to Derby at the weekend.
Detectives release CCTV images of a man who they want to speak to over sexual assault on boy of 14 in a cinema in Bolton.Read the full story ›
Bolton Wanderers have announced that long-standing chairman Phil Gartside has died at the age of 63.
On the Wanderers board since 1988, he served as club chairman from 1999 until stepping away from his duties in November due to illness.
Vice chairman Brett Warburton: "Phil has been a personal friend for over 30 years. This is a very sad day for everybody." #BWFC
Bolton said in a statement on their website: "Bolton Wanderers Football Club is deeply saddened to announce that long-standing club chairman Phil Gartside has died aged 63.
"Phil has passed away after a short and brave battle with cancer."
A great-great-great-grandmother has become an unlikely star at the age of 93 after her grandson shared a video of her dancing to rap music.Read the full story ›
The 250kg cake, which took 700 hours to make, covered in 150kg of icing and 30kg of white chocolate ganache.Read the full story ›
Police are hunting for a woman who was seen being bundled into a car in Greater Manchester.Read the full story ›
More than few eyebrows were raised when the Red Devils announced the loan signing of Bolton defender Andy Kellet on deadline day.
Man United fans had been hoping for someone in the class of Mats Hummels, and may have suffered from a mixture of confusion and disappointment when Kellet's loan deal was confirmed.
The 21 year-old has spent much of this season on loan with League Two outfit Plymouth Argyle, where he bagged a first professional goal – against Northampton in December – with some aplomb.
Four men blew a cash machine out of the wall using a gas canister before making off with the loot.Read the full story ›
Loretta Smith, 75, said she didn't expect anyone to be interested in her generosity towards a man who stole her entire jewellery collection.Read the full story ›