SINGAPORE - Tampines Rovers chairman Krishna Ramachandra on Wednesday (June 21) announced that he will step down "in the coming weeks".

Krishna, a corporate lawyer, took over the chairmanship of the five-time S-League champions from Teo Hock Seng in November 2015. The Stags are currently second in the S-League, seven points behind leaders Albirex Niigata.

In a statement, he said the demands of his work meant he could no longer fulfil his role "at the level of intensity that is needed".

"I intend to step down as chairman of TRFC in the coming weeks, in any event no earlier than after TRFC's 2016 accounts have been audited and finalised. I will be dealing with all outstanding queries relating to TRFC's statement of accounts before stepping down," said Krishna, who was part of the Game Changers team which lost in the FAS election in April.

"I have enjoyed many memorable moments with the fans, players, coaches and staff - all of whom have just been an absolute joy to work with. The fans and the players especially are the reason I have put in my heart into the club.

"There have been challenges along the way, but it was a good learning experience."

Krishna added he will remain as a committee member and help guide the new chairman. It is believed the club has proposed a candidate to the Football Association of Singapore (FAS) and is awaiting confirmation.

His tenure at the Stags had some highs. Last year, the club reached the quarter-finals of the Asian Football Confederation (AFC) Cup, the first time since 2007. They also sent shockwaves through the S-League with the signing of former Arsenal and Liverpool winger Jermaine Pennant last season.

But his stint was also plagued by cash-flow issues, caused in part by Krishna's decision to stop running jackpot machines.

The outgoing chairman said he has loaned the club over $1 million and said the club is in a sound financial situation for now.

He said: "I have absolutely no regrets on the footballing experience I have had in the last six over years and I will certainly continue supporting Singapore football."