The former AEK and Greek international striker, who gave up his playing career at the age of 31 to lead a consortium of businessmen in the purchase of cash-strapped AEK in 2004, announced his departure at a packed press conference on Friday morning.

"In 2004 we undertook the administration of this team and I had asked from my partners to manage the club for five years," Nikolaidis said. "Next May this five-year period finishes and I do not want to continue beyond that."

After initially being welcomed by the fans Nikolaidis, a cult figure during his playing days, saw his relationship with the club's hardcore 'Original' supporter group begin to sour after he co-operated with police over crowd disturbances.

AEK's failure to win any trophies since he took over has also failed to help Nikolaidis's case despite the fact that the club narrowly missed out on the Super League title last season.

Since then, AEK have also failed to keep up with city rivals Olympiacos and Panathinaikos in the transfer market and face an uphill task to qualify for the UEFA Cup after losing the first leg of their final qualifying round clash 1-0 on home soil against Omonia Nicossia.

Rumours of rival businessmen being interested in buying the club have also created an unsettling situation amid a backdrop of delays over the proposed new stadium.

"The objectives that we had set ourselves were firstly to get the club in good shape economically - which we have achieved," added Nikolaidis.

"Secondly we wanted to create a new training centre, which is now close to completion. The third and most difficult objective was the construction of the new ground. I believed and I still believe that we will have completed the paperwork and that the founding stone will be laid before the end of the coming season."

Nikolaidis, who was bombarded with questions from the huge media throng, scoffed at suggestions he had lost the trust of the supporters.

"I don't believe that I have made a villain of myself at AEK," he said. "If we finish with the subject of the ground my mind will be at ease. Of course there are things I am not satisfied with, such as the failure to reach our target of 30,000 season ticket holders.

"But this club has good, honest shareholders who are interested in football. The training centre would never have been possible without them, especially Mr. (Nikos) Notias.

"They decided that for the good of the club, money needed to be spent on facilities first rather than players, because at the moment these are most important."