Lord Mervyn King has admitted that resigning from Aston Villa's board was a "very difficult" decision for him to make.
The 68-year-old, who joined the board in February, announced his resignation, along with David Bernstein, on Monday.
The decision was made just two days after Villa were relegated from the Premier League following a 1-0 defeat to Manchester United at Old Trafford.
Despite the club's fall into the Championship, Lord King is confident that the team will bounce back.
When asked by Bloomberg Europe about his decision to step down, King said: "A very difficult one. I'm a supporter and have been watching Aston Villa for over 55 years, that is a large part of my life and it has been a big part of my life.
"But my letter of resignation explained exactly why I stood down along with David Bernstein. Both of us very much hope that the events of the next few weeks will put Villa back on track to where it should be.
"It is one of the great clubs of this country, it was involved in the foundation of the Football League itself, champions of Europe, we will get back there after a period."
Villa are still looking for a permanent manager following the departure of Remi Garde last month.
