The club yesterday announced the 43-year-old had quit with immediate effect just one game into their first top-flight season for 39 years.

Oyston has also stood down as a director but will remain as acting chief executive until the end of the season or a new appointment is made.

A statement from the club added: "During this time he will continue to work closely with the manager, Ian Holloway, on player recruitment and to oversee the continued development and reconstruction of the stadium.

"The club would like to emphasise that there will be no interruption in the recruitment of players or the work required on the stadium."

The news comes as a shock and takes some of the gloss off the Tangerines' stunning Barclays Premier League entrance on Saturday when they thrashed Wigan 4-0.

No reasons for Oyston's departure have been given although he did previously tell the board he would resign if they disagreed with his approach to top-flight life.

Oyston also spoke recently of his disillusionment with the business side of football at the top level, including dealing with player agents.

Blackpool have also endured a turbulent summer since winning promotion with stories of unrest, a difficulty in recruiting players and problems with the redevelopment of Bloomfield Road.

With Oyston imposing a strict wage cap, only in the past week has Holloway started to bolster his threadbare squad, bringing in seven new players.

Israeli defender Dekel Keinan yesterday became the latest, signing on a free transfer from Maccabi Haifa to join Craig Cathcart, Marlon Harewood, Elliot Grandin, Malaury Martin, Ludovic Sylvestre and Chris Basham.

Bournemouth striker Brett Pitman could be the next after the two clubs agreed a fee. Pitman, 22, is now discussing terms with the Seasiders.