Acting Coventry chairman Geoffrey Robinson has stepped down from the role with immediate effect.
Robinson, Labour MP for Coventry North West, cited a lack of time for his decision and confirmed director Joe Elliott had stepped into the post in his place.
The decision comes on the back of the collapse of the club's takeover by Manhattan Sports Capital Partners Limited, who withdrew their interest in buying the club on Monday despite agreeing in principle a deal to buy the Coca-Cola Championship outfit and take on estimated debts of £28m back in February.
The setback followed Paul Fletcher's decision to resign as managing director last week, which was prompted by the withdrawal of all five potential investors in the Ricoh Arena club.
A statement from Robinson said: "Other intensive negotiations are under way and they need full-time attention.
"On the resumption of Parliament on Monday, October 8, it was quite clear to me that I could no longer continue as acting chairman of Coventry City Football Club for there are simply not enough hours in the day.
"At my request and with the full support of the board, Joe Elliott has agreed to become chairman with immediate effect. it had been my aim by the end of the Recess to have achieved the Manhattan takeover and to return full-time to Westminster.
"Sadly, for other reasons I'll write about elsewhere, Manhattan and other negotiations did not come off so I must stand down now so that I can properly conduct my Westminster and Constituency duties."
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