Gillingham chairman Paul Scally is standing aside after 27 years running the club.

Mr Scally, 67, says he is taking an “extended break” from the Gills and has appointed Medway businessman Paul Fisher as co-chairman and chief executive to handle the day to day running of the club.

• More: The new man in charge

The Gills announced the news on Sunday night.

Mr Scally said: “I have decided to take an extended break away from football and this great club, a period whereby I can reflect on what my priorities are, a period whereby I can establish how damaged my love for this club and football generally has become, and a period whereby I can rest and focus on my own life, family and other important matters.

"The running of a football club is high profile, 24/7 and 365 days a year, it is a high scrutiny job and I have always accepted an owner will often be in a 'no win' situation, such is the beast, but I have always had the passion and fight needed to do the job, to stand shoulder to shoulder with our support base and to be proud of what we are and have achieved together. I have never shied from making those tough decisions, always in my mind in the best interests of the club first and foremost.

"There is no question that right now, I am physically and mentally exhausted from the efforts, stress, strain and worries of the past couple of years, coupled with the personal abuse effects, and need a break to recharge my batteries.

"Myself and Paul fully intend to continue exploring options regarding the long-term future of the club, and indeed we are currently considering the possibilities of forming a strong and credible board of directors capable of continuing the journey, should external investment or new ownership not be an option.

"One thing we will not do is allow the club to further its journey with anyone who does not possess the appropriate credentials, nor have the best interests of the club at heart, indeed over the past couple of years there have been a number of ‘chancers’ who have touted credibility, but whom in fact have been everything but suitable to take on a club of this magnitude. Our supporters would expect no less from me after all these years.

"I have every confidence in the work Neil (Harris, the manager) and his team are doing with the rebuilding process, not easy to recruit the right individuals and build a new team in such a short space of time but the footballing side is in good hands and it was nice to get our first win of the season yesterday with such a solid performance, sadly I was not in the stadium to witness it, albeit I watched from afar.

"Relegation was painful for all of us that care about this club, I have taken it very badly and with personal responsibility, but thankfully the spirit within the club is high and positive, and I know everyone will work as hard as possible in trying to get the team initially back into League 1, and then into the Championship at some stage thereafter."

Mr Scally remains the majority shareholder. He has faced criticism from fans which have been heightened in recent years as the club have struggled to be competitive. Last season, they were relegated from League 1.

It's a long time since the glory years of Championship football having enjoyed plenty of early success after he first took charge in 1995.

The chairman has for many years looked for investment but no major backer has been found. Moving from Priestfield Stadium had also been a major ambition of Mr Scally but despite several locations being targeted, nothing ever got off the ground, including the Mill Hill area just a stone's throw from their current location.

Prior to the appointment of his last manager, Steve Evans, he threatened to quit. He admits that he may be ready to walk away completely in the coming months.

His statement added: "This is not quite a farewell from me, albeit that may well be the ultimate conclusion of the next few months, I do hope there is still a flame deep down, one that can re-ignite with the help of those closest to me, and with the help of others externally, but time will be the greatest judge of that, certainly if it is the end it’s fair to say it was never the way I expected to see the final curtain.

"In the meantime I would urge each and everyone of you to unite behind Neil, Paul, the players and staff, hold out the hand of compassion to those that have damaged the club in the past, if they ever were genuine fans maybe they deserve a second chance, focus on all that has been good within the club over the years, remember all the good times had, and indeed think about all the good times to be had, and continue the journey we all know is possible. This club is bigger than any of us, it has a tradition and great history, and it deserves the chance to go again.

"I will be doing whatever I am capable of behind the scenes to support where and if needed, I will do my work quietly and privately and hopefully we can all see the benefits of our hard work in the days, months and years ahead."

He concluded: "Thank you all for the years of trust, support and happiness.”