Stephen Vaughan has resigned his post as Floriana FC president.

In a statement issued this morning, he said that since August 2012 Vaughan Boxing, who had signed a collaboration agreement with the football club, had invested a six figure sum in the club.

This agreement expired on August 13, 2013.

"Under the terms of that agreement we had the right of first refusal to renew the agreement. Unfortunately for the past six months the Floriana FC committee have refused to renew the agreement stating they have other options available.

"In the meantime we have continued to loan a further five figure (sum) to the club since August 2013 most recently €17,000 in January 2014.

"However since taking legal advice our solicitors have advised us to stop any further loans into the football club without any written agreement.

"There have been a lot positives since we arrived and we've cleared lots of historic debt under our tenure and cleared countless garnishees, not forgetting we initially secured the club's future on the signing of the agreement in 2012.

"Having negotiated the terms for the new car park adjacent to the independence Arena we thought this would be a huge step forward for the football club. The pre-season started on a positive note winning the AME Cup and after that we intended to build a stronger squad with more investment but this was restricted by the stalling of the renewed agreement.

"I'm told there are Italian investors looking to take the club forward. I wish them well!

"Finally I would like to take this opportunity to thank the Floriana FC supporters for there backing over the past 18 months and wish the Club every success for the future."