The Stark’s Park side lost 2-1 to Alloa Athletic, going down 4-1 on aggregate as the Wasps secured a spot in the Ladbrokes Championship play-off final for the second consecutive season.
Trailing 2-0 from the first leg, the Fifers were given a mountain to climb when Jordan Kirkpatrick converted five minutes before half time, despite the home side enjoying the bulk of play, without really threatening Neil Parry’s goal.
Kyle Benedictus smacked a header off the crossbar before Euan Murray gave Raith some hope when he bundled the ball home after 53 minutes.
With under ten minutes remaining, Ross Stewart restored Alloa’s lead on the day and put a clear three goals between the two teams on aggregate.
After the game, Young stepped down, telling Raith Rovers’ website: “I have today tendered my resignation as chairman of Raith Rovers. I have also resigned as a director.
“I take full responsibility for our failure to return to the Championship this year and wish the club all success for the future.”
Raith’s 0-0 draw with Alloa on the final day of the League One season handed Ayr United the title as the Honest Men defeated Albion Rovers 2-0 at Somerset Park.