Salford Red Devils owner Marwan Koukash is to relinquish power and hand control of the Super League club to a community trust.
Koukash completed a takeover of Salford in 2013 amid fears the club could be forced into administration.
The outspoken businessman, who last week vowed that he will not change the name of the club to incorporate 'Manchester', on Thursday revealed his plans to walk away from Salford.
"As I have always said, I am merely a custodian of the club, which will always be bigger than any individual who owns it, and will continue longer than any one person can run it." he said in a statement released by the Red Devils.
"To this end the club, quite rightly, must always belong to the fans and the local community of Salford. I will continue to hold very high regard for our fans and the wider community supporting us and because of this have rejected lucrative offers to relocate or rebrand the club because I have seen that there is an overwhelming passion from the fans to retain the Salford name.
"I have now instructed my legal team, subject to RFL approval, to establish a trust to take ownership of the club for the benefit of the fans and the local community of Salford. I will appoint a board of trustees to include local Salford businessmen and a representative of the fans to be elected by the season ticket holders, which will ensure the fans have a prominent voice in the running of the club.
"I am confident that the new structure at the club under the guidance of the trustees will see the club continue to make progress on and off the pitch.
"During my time running the club I have faced many challenges which I have met head on and I, along with my family, have had many great times, creating very fond memories and friendships that will stay with us.
"I have genuinely grown to absolutely love the game of rugby league and the Red Devils and still care deeply about it. My decision is nothing to do with the operation of the game or the RFL, with whom during my time I have challenged but also enjoyed a fantastic working relationship, especially during 2017 and they have my ongoing respect.
"I look forward to joining our loyal supporters and all my friends when I visit in the grandstands at the stadium next season."