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.