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John Prescott has conceded defeat in his bid to become treasurer of the Labour Party.
The former deputy prime minister was beated by Diane Holland, the assistant general secretary of the Unite union.
She won 68.95 per cent of the vote, against Prescott's 31.05 per cent.
Holland and Lord Prescott were the only people seeking the position.
Before the official announcement at the Labour party's conference in Manchester, the prolific tweeter has already congratulated his rival on the social network site.
"Let's all get behind her and help solve our financial problems," he said.
He later added: "I'd also like to thank the 60 per cent of party members who voted for my campaign for real change".
The Labour Party is reported to be on the verge of bankruptcy with debts estimated at around £20m.
But Ray Collins, the general secretary of the Labour Party, has told delegates in Manchester that while the financial situation of the party remains difficult, it is on track to be debt free by 2015.
"When I took over, our financial situation was grave, and it remains difficult," he said.
"But with the support and guidance of the NEC, we have stuck to our long-term strategy of repaying our lenders £2m every year.
"And by the time of the next General Election, it is my hope that we will be debt free."
Announcing his intention to run for the post of treasurer back in August, Prescott had said he wanted to make the role a "powerhouse for change" in the party.
Writing in the Guardian he said: "I want to improve local, regional and national campaign activity, lead on membership drives and fundraising, have a tighter hold on the party's finances and represent Labour in future discussions on political funding.
Holland will replace Jack Dromey in the post, who was elected as a Labour MP at the general election.
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