Les Scadding has this morning stood down as chairman of League Two side Newport County with immediate effect.

Scadding, 58, who won a EuroMillions jackpot of £45million in 2009 with his now ex-wife, became the Exiles chairman in August 2012.

Since then it is estimated that Scadding has invested around £1.25 million on County, but always maintained that he would not act as a ‘sugar daddy’ for the South Wales club.

Despite this, the Bristol-born lottery winner did aid in subsidising costs of some transfer fees, which included the £25,000 signing of Christian Jolley from AFC Wimbledon in January 2013, and the £40,000 capture of goalkeeper Joe Day from Peterborough United, earlier this year.

And these investments helped the club in achieving promotion back to the Football League after a 25 year absence in May 2013.

In an open letter to the Newport county fans, Scadding wrote: “I would like to inform all those that follow and are concerned with Newport County AFC that I have just informed the board that I will be standing down as chairman and director of Newport County AFC, with immediate effect.

Scadding continued, stating his pride at the knowledge that he had "contributed to the promotion and development of the club" and assuring supporters that he would continue to support the club "from the sidelines".

"I leave my position at the club in the knowledge that I have contributed to the promotion and development of our club and I will of course continue to support the club now from the side lines.”

Scadding also added that he decided that this was the right time to step down in order to “give every opportunity to the club" for any incoming replacement to "establish themselves and avoid unnecessary disruption and distractions during the playing season.”

The former chairman at Rodney Parade has cited the want to spend more time with his family as one of the main reason to leave Newport: “I now intend to retire, spend most of my time overseas and devote my time to my family.”

Where does this leave Newport?

With the departure of Scadding confirmed, a spanner has surely been thrown in the works at Rodney Parade.

Manager Terry Butcher is actively trying to strengthen his squad ahead of the new season and with many more arrivals needed, life will surely be more difficult for the former England centre-half with the exit of the Exiles' chairman.