Notts County owner Alan Hardy has "very reluctantly" put the club up for sale after stating he needs to concentrate on his other business interests.
The Nottinghamshire businessman bought the club just over two years ago but has admitted defeat in his attempts to balance all this interests.
Hardy had to apologise this weekend after accidentally posting an inappropriate picture of his anatomy on social media but insists neither gaffe nor County's position at the foot of League Two has had any influence on his decision.
"After considerable soul-searching, I no longer feel I can continue as the owner of Notts County Football Club," he said in a statement.
"I would like to make it clear from the outset that the club's current league position is not a factor in this decision, nor are any of the events which have unfolded in the media this weekend.
"Everyone at Meadow Lane remains staunchly committed to preserving our proud status as the world's oldest Football League club and, until a new buyer is found, I will continue to support that aim.
"The truth is, my efforts to restore Notts County's fortunes over the last two years mean my other businesses have had to take a back seat.
"They are now in need of my full attention."