Owner Dave Walters is selling his majority shareholding in Hastings United and stepping down as chairman and director after 11 years in charge.

Walter has agreed a deal with life-long fan Dave Ormerod, who will take charge of boardroom affairs with immediate effect.

Despite the timing of the announcement, the club have confirmed Walters’ decision to sell-up and step down as chairman and director is genuine.

Walters said on a statement on the club website: “It is enormously disappointing to be leaving in such a situation, but I firmly believe that the time is right for both myself and the club.

“Off the field of play, the financial position is strong, with a six figure sum in the bank, despite the large loss that will be made in the current trading year, and I am proud to say that the club has never been in debt during my time as Chairman, nor even had an overdraft facility.

“This could not have been achieved without the considerable support of my two director colleagues, Simon Rudkins and David Murphy, the latter of whom is also stepping down, as well as Chris Russo during her time at the club. I would like to place on record my sincere thanks to them, and to the numerous other people who have helped to keep the Club afloat over the last decade or so. I wish you all, and the Club, all the best for the future.”

United are one place above the relegation zone in Ryman South.