Masri chairman Ali Faragallah resigned from his post on Friday following his side's stunning 2-0 defeat to Egyptian Premier League newcomers Military Production.
"The players conspired against me," a furious Faragallah told FilGoal.com after the game.
"It is almost impossible to lose against a newly-promoted side that way. Masri players deliberately lost tonight."
Masri often fail to challenge for honors despite the huge support they receive from their enthusiastic fans in Port Said governorate.
Long-lasting financial problems took its toll on the club that was established in 1920.
"I repeatedly asked the governor to back Masri but he did nothing, so I decided to step down as the club's chairman," Faragallah, who took charge of the club following the death of former president Sayed Metwalli earlier this year, added.
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