West Indies Cricket Board chief executive Roger Brathwaite has resigned with the board £20.6 million in debt.
Brathwaite pre-empted a board review of his position by announcing he would step down on 28 April, a year away from the World Cup in the Caribbean.
Brathwaite argued the board had stemmed financial losses during his tenure, saying in a statement: "The past four years have been quite challenging.
"I leave having done the best I could within the organisation's framework."
The WICB generated a £1.1m profit in 2003, and £3m in 2004 before it was hit last year by a row between rival sponsors, provoking a player strike.
It has recently secured multimillion dollar loan facility to allow it to operate day-to-day at least until the start of the World Cup.
Board president Ken Gordon thanked Brathwaite for his contribution.
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