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Grimsby Town major shareholder John Fenty is stepping back from day-to-day involvement to allow manager Ian Holloway to "drive the club forward".

Fenty, 58, was chairman until 2011 and remained on the board as a director.

Holloway was appointed in December after more than 18 months out of management since leaving QPR.

"He will have more freedom and autonomy to shape on-the-field matters than any other manager within the English Football League," said Fenty.

The Mariners are currently 14th in League Two, having been 21st when Holloway took over, but are 11 points below the play-off places.

Despite that, Fenty said the board had "never been so optimistic" about the club's future.

"Ian Holloway (Ollie) with his vast experience intends to drive the club forward both on and off the field, having special responsibilities as the director responsible for all football operations," he continued in a

"The board has signed off on our largest playing budget for next season at this level, although it's fair to say there will be several bigger spenders in the division."

Philip Day will become de facto chairman of the club, who are looking to find a new home after 121 years at their Blundell Park ground in nearby Cleethorpes.

Fenty will now focus on his political role as deputy leader of North East Lincolnshire Council, but promised he will continue to support the club financially "from afar" and attend matches.