Rangers chairman Dave King is to stand down, he has announced.
King revealed the shock news at the club's AGM in Glasgow this morning.
The 64-year-old said he was quitting because Rangers had emerged from the "crisis" he found when he and his allies gained control of the boardroom in March 2015.
He said: "The hard work of recovery is now done and I intend to step down from the board in the new year as soon as the new funding round has been concluded by the sub-committee and the new devolved operating structure for the club that was approved yesterday has been fully implemented.
"I estimate that will take about four months."
King added: "I would not step down if the club continued to need my services and support. But it doesn't.
"I thank all of our shareholders and fans for the absolutely magnificent support I have received.
"Despite the personal trials and tribulations, I want to state that being the chairman of Rangers has been, by far, the greatest privilege of my business life and I will continue to use my shareholding influence to support the club and its board."
A major shareholder at Rangers, King was a leading figure in taking control of the club in 2015.
The South African will continue to support the team as a shareholder.
King is due to leave his post in the New Year.
It's reported he was given a standing ovation at the Clyde Auditorium, as he broke down while making the announcement.
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