The Premier League announced Wednesday that its chairman Gary Hoffman will step down at the end of January 2022, just 19 months after he became president.

"It has been a privilege to lead the Premier League through the last two seasons - when the spirit of English football has been more important than ever," Hoffman said in a statement "Now, I have decided the time is right for me to stand aside to allow new leadership to steer the league through its next exciting phase."

Bruce Buck described Hoffman as an "outstanding candidate" when he hired him in April last year. However, British media reported that he had lost the confidence of Premier League chairmen since then.

According to reports in the media, Hoffman left Newcastle following reports he was under pressure to resign due to a Saudi-backed consortium taking over the club.

It was reported last month that a majority of clubs opposed the Premier League's decision to allow the Public Investment Fund to acquire Newcastle United. The Public Investment Fund is headed by Saudi Crown Prince Mohammed bin Salman.

In an attempt to limit Newcastle's new owners, 18 of the league's 20 clubs also voted in support of a temporary regulation prohibiting teams from accepting sponsorship deals with companies tied to their owners.

The Premier League thanked Hoffman for his work "The Premier League is grateful to Gary for his committed service. He has led the League during the most challenging period in its history and leaves it in a stronger position than ever. The process of appointing a new Chair will begin immediately."