Dave King is to step down as chairman of Rangers Football Club in the New Year.
King announced the news at the club's annual general meeting in Glasgow today.
The South African businessman took control of the club back in 2015 and was at the helm as they returned to Scotland's top flight the following year.
In his time in charge, he faced sanctions from the Takeover Panel over the way in which he took control of the club.
He will remain as director of Rangers' retail arm, Rangers Retail Ltd, until the legal dispute with Mike Ashley's Sport Direct has been resolved.
The news of King's departure comes after Ranger announced losses of £11.3m for the year ending 30 June earlier this month.
King had announced earlier in the AGM that a new share issue would take place in January to deal with this shortfall.
He also revealed plans to dismantle the Rangers holding company, folding the shares into the football club.
