Margate have ended weeks of speculation about Bob Laslett's future by announcing that he is standing down as chairman.

The move was confirmed by the Vanarama National League South club in a statement today although rumours that he is leaving to take over in a similar role at Championship side Wolverhampton Wanderers appear to be unfounded.

Director John Webb has taken over as Gate chairman with the statement saying Laslett has decided to pass the baton onto a younger person.

The statement, which does not say whether Laslett remains the club's owner, continued: "John has been very much involved in the club for past two years, especially with the Youth Section. He is the ideal person to take on the role of chairman and take the club forward.

"Ivan Laslett (Bob's brother) has also decided to step down in favour of someone younger. Chris Pope will take over the role of vice chairman whilst continuing as chief executive.

"John and Chris, who, between them have many years’ experience in business and football management will make an excellent team to lead the club positively forward and realise further success."

Laslett, the founder of global project management consultants Chaucer, completed his takeover of Margate in December, 2013, and has reportedly invested £2.5m during his time at the Hartsdown helm.

He backed manager Terry Brown with the highest budget in the Ryman League Premier Division as the Blues clinched promotion via the play-offs last season, and in January of this year the club agreed a new 25-year lease with Thanet District Council.

Brown was sacked in December with the Gate second bottom in Vanarama South but former goalkeeper Nikki Bull was appointed until the end of the season, and won eight of his first 11 league games, raising hopes of a late charge to the play-offs.

However since speculation about the club's future has escalated, Gate have lost their last five, including three at home, a run which has seen them slip to 12th in the table.

Laslett's departure as chairman casts a huge doubt over the future of boss Bull, who revealed after Saturday's 2-1 home defeat to Hayes & Yeading that he was still none the wiser about his situation.

It is understood Bull had been in talks about extending his contract beyond the the end of the season but the fact there has been mention of the managerial situation also raises questions about what will happen to the six players who will still be under contract - Freddie Ladapo, Nathan Green, Christian Jolley, Jake Goodman, Charlie Wassmer and Matt Johnson.

Rumours linking lifelong Wolves fan Laslett with a return to Molineux in some capacity had been rife in recent weeks but sources at Molineux say the stories are "100 per cent untrue."

Laslett's company were Wolves’ main sponsors for five years from 2004, and he was a director at Molineux from January, 2008, to December, 2012, when he stood down citing growing business commitments. He continued however to sponsor the club's academy.

Previous Wolves owner Steve Morgan put his his 100 per cent shareholding up for sale in September, and last month the Express and Star reported he had put an asking price of between £30m and £40m on the club.