All it does is make 'you' the chairman when there is a board takeover.
For example it will say:
''Billionairre **** tycoon Jacob Miller completed his takeover of Manchester United today, he hopes to add much needed quality to the ageing squad with his seemingly bottomless pit of *** money''
Or similar.
You dont become chairman in the sense that you cant do anything like inject money into the club, buy another club etc etc. But your name appears on the staff list as the chairman.