Basnett has been involved with Elite for almost 20 years as a member, director, chairman and most recently as chief executive.

He will continue work with Elite on a consultancy basis for the next three months to support the board and head office staff to ensure a smooth transition while a replacement is sought.

Wayne Durrock, Elite chairman, on Friday (April 5) paid tribute to Basnett’s lengthy spell with the consortium.

“Neil has been a great servant and ambassador to Elite for many years,” he said. “We wish him the very best for the future and we will always appreciate his significant contribution to our consortium.

“Elite has seen considerable success over the recent years with members seeing a consequential return on their investment and services provided including free membership as part of our 40th anniversary and many more exciting projects already in progress to maintain this success.

“The directors and head office staff will use their vast experience to maintain day to day operations until a suitable replacement is in place.”