Blackpool Supporters' Trust has issued a statement thanking Terry McPhillips for the job he did at Bloomfield Road while also welcoming Simon Grayson back to the club.
It comes after Grayson was appointed the club's new manager on a two-year deal, replacing former boss Terry McPhillips.
He opted to hand in his resignation earlier in the week, citing the fact it was never his intention to become a manager in the first place.
That left Blackpool little time to appoint a new boss ahead of the new season, but they've moved swiftly to bring Grayson back to the club.
"BST would like to thank Terry McPhillips for all he has done for Blackpool FC during a very difficult period in the club's history," a BST spokesperson said.
"He stepped up after the departure of Gary Bowyer and ensured that not only did Blackpool secure their League One status but finished in a far higher position than would have been expected under the circumstances.
"It is fitting that he was in charge when the fans came home and we will always be grateful to him for his efforts.
"We must now look forward to the next chapter in our club's story and support Simon Grayson as our next manager to ensure that we can finally make the sustainable progress that Blackpool FC, its fans and community truly deserve."
Grayson, who previously managed Blackpool between 2005 and 2008, will now link up with the squad for the pre-season training camp in Scotland and will take charge of his first match at Dundee on Tuesday night.
It is understood it was entirely McPhillips’ decision to leave and there’s no suggestion the board forced him to step aside in order to bring in their own manager.
It is also the club’s thinking that, with four promotions from the third tier to his name with four different clubs, Grayson will be the ideal man to help the club’s immediate aim of getting back to the Championship.