Clegg, who has spent nearly four years at the Championship club as chief executive, announced his departure and claimed Ipswich owner Marcus Evans is set to take on a more hands-on approach in the day-to-day management of the club.

New financial fair play regulations are due to take effect in English football at the end of the season and Clegg admitted that had influenced his decision.

"As a result of the strategic review, it is clear that moving towards break-even will challenge all clubs, not just Ipswich Town," he said.

"At the top of our agenda, and quite rightly, has been the priority to protect the playing budget.

"This, coupled with the owner's intention to play a more hands-on role has led me to the decision that now is the right time to seek a new challenge.

"Whilst we have been discussing this for some time, we agreed to leave any final decision until nearer the time when the rules are due to take effect, at the end of this season, and after the end of this last transfer window.

"I will be returning to my family in Surrey and over the coming months will be looking for my next professional challenge in international or domestic sport."

Clegg had joined Ipswich in April 2009 just a few months after he had lead Team GB to fourth in the overall medals table at Beijing 2008, winning 47 medals, including 19 gold, their best ever performance in an overseas Games.

Simon Clegg (right) was unable to lift Ipswich Town into the Premier League, despite working with Roy Keane (left)

But, despite having former Manchester United captain Roy Keane as manager before he was sacked, Clegg was unable to lead Ipswich to promotion to the Premier League.  

"Following a review of the club's management structure and the Financial Fair Play budgeting requirements it became clear that we would need to operate differently going forward and Simon and I mutually agreed that it was time for him to seek new opportunities," said Evans.

"I would like to place on record my huge appreciation for all of Simon's hard work, loyalty and professionalism.

"Over the last four years he has done an outstanding job as the public face of the club."

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