In a final departing statement on the official site he expressed his sadness at having to leave the club and his desire to return to the Boleyn in one form or another in the future.
"I want to thank everybody at Upton Park for unforgettable years," he said.
"The players, fans, management and staff have all contributed immensely to a period of progress, a period where the club has sharpened its vision, strengthened the first team with young homegrown talents and laid a solid foundation for self-sustainable operations of West Ham United as a strong Premier League football club.
"As my fortunes have changed I now have to withdraw from the board of directors. I do that with a great regret but I am convinced that this change of ownership and control of West Ham United will advance the club in the present circumstances. I wish the new chairman and all involved at Upton Park all good fortunes and great success in future. I will remain forever a West Ham fan and hope I will have many returns to Upton Park."