Jim Fallon has left the Hawks just seven months after pledging to bankroll the club’s rise up the non-league ladder.
The Westleigh Park club confirmed his shock resignation from the post of vice-chairman last night.
Secretary Trevor Brock admitted the Hawks board was ‘disappointed’ and felt ‘very let down’.
Fallon’s exit comes shortly after his company – Beaumont Water Heaters Ltd – was liquidated.
‘It is with great regret that the board of Havant & Waterlooville Football Club has to announce that – following on from Beaumont Water Heaters Limited entering into liquidation – the owner of the company, Jim Fallon, has subsequently decided to resign and has left the club,’ said Brock.
‘As his agreed sponsorship deal remains unpaid, together with his failing to meet agreed commitments to the club, advertising logos and boards appertaining to the company will be removed from the ground and the playing kit.
‘The board is shocked, disappointed and feels very let down by this situation.’
Fallon arrived at the club in March after falling out with AFC Totton.
He immediately claimed he could make a big financial impact and was instrumental in bringing former Stags boss Stuart Ritchie in as manager.
Ritchie was sacked after just 10 games in charge, though.
Fallon claimed he would be prepared to pay £1,000 a week to bring a top striker to the club. But soon after, he found himself under investigation by the FA.
Fallon was accused by then Carshalton player Tom Davis of offering illegal financial payments to lure him to Westleigh Park.
He remains under investigation and the FA recently attended a training session to interview a number of Hawks players.
Fallon, however, denies any wrongdoing.
The Hawks board will now tackle the challenge of moving forward without the promised investment from Fallon.
They will begin with the visit of Nike Academy for a friendly at Westleigh Park tonight (7.15pm).
Manager Lee Bradbury intends to look at some of his players who have not had the chance to impress during his first three weeks in charge.
‘I’ve organised this to help keep our fitness levels high and look at some of the players who have not had many minutes,’ said the boss.
‘It’s also a chance to look at some of the academy players, who are looking to get into clubs.
‘The academy is made up of players who have dropped out of the professional game and are looking for a way back in.’
The Hawks have been drawn away to Bognor in the third qualifying round of the FA Trophy. The clubs will meet at Nyewood Lane on Saturday, November 10.
Elsewhere tonight, Fareham Town host Bemerton Heath Harlequins in Wessex League premier division action at Cams Alders (7.45pm).
Manager Matt Parr is ready for a lively contest.
He said: ‘Bemerton are one of the better teams in the league, so it should be a good game. It is a tight league this year with not a lot between five or six teams at the top end.
‘We have got to be better in the final third and haven’t shown enough power to finish teams off.’
Promotion-chasing Petersfield Town face a tricky division one test at Team Solent.
Town hope to include new signings striker Callum Cutler, from Pagham, and centre-half Nick Taylor, from Alton.