Grimsby have welcomed local businessman Mike Parker to the board of directors just a week after announcing losses of around £600,000.
Mr Parker is the former deputy chief executive of Youngs Bluecrest, one of the town's biggest employers.
In a brief statement the club said Mr Parker "brings with him a wealth of commercial experience."
Grimsby are in need of investment after sinking into the League Two relegation zone and a first round FA Cup exit.
The club are also seeking a new manager in succession to Mike Newell who was sacked three weeks ago.
Former manager Russell Slade is among the leading contenders after the club confirmed the ex-Yeovil Town and Brighton and Hove Albion manager had applied for the vacancy.
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