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He will become club President and remains the club's largest shareholder, and although he could not deliver a promotion to the Second Division as chairman he remains convinced that Brian Laws is the right man for the job.
He told the Scunthorpe Telegraph: "He and I get on like a house on fire. I am not saying he's perfect and I'm sure he doesn't think I am either. But we just have respect for each other.
"Brian lives and breathes Scunthorpe United and I do believe it is right to have stability in the club at managerial level.
"He has been here for a good long time now and in my opinion we would have a job to find someone as good as him."
His comments are in contrast to his successor as chairman Keith Wagstaff, who was forced to resign after criticising Laws in a letter to a fan.