Rangers chairman Dave King announces he's standing down
The 64-year-old South African-based businessman has led the Ibrox club since 2015.
Rangers chairman Dave King has announced he is to stand down from the role next year.
King, 64, was close to tears as he told shareholders of his plans during the club's AGM on Tuesday morning.
The South African-based businessman 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.
King 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."
King has led the club since 2015 and was last month heavily sanctioned by the Takeover Panel over the way he took control.
He will continue to support the club as a shareholder and in negotiations with retail partner Sports Direct.