Millionaire businessman Douglas Park, one of the Three Bears who came to the rescue of Rangers earlier this year, has stepped down as a director of the club.
In a surprise announcement on the Rangers website, the board said Mr Park was unable to continue his role due to other commitments.
The move comes just days after his company Park's of Hamilton reinstated as the club's official bus provider after three years.
In the statement, the Ibrox club said: "Rangers International Football Club PLC announces that Douglas Park has decided to step down from the Board and also the Board of The Rangers Football Club Ltd.
"Mr Park feels he cannot at this time make a full contribution to the running of the Club and Company because of other commitments."
The statement further paid tribute to his work as one of the Three Bears - the others being George Taylor and George Letham - who purchased 19.5 per cent of Rangers stock in January.
They bought out the club's then biggest shareholder Laxey Partners.
At around the same time, businessman and former director Dave King made his move snapping up 15 per cent of the club's stock paving the way for him to take effective control later in the year.
The trio then provided Rangers with a loan of £1.5m in March this year to help its immediate cash flow problems.
It added: "The Board thanks Mr Park for his valuable contribution which helped ensure Board room change earlier this year."
Mr Park’s place on both Boards will be taken by his son, Graeme.
Mr Park said: "I would like to put on record that although I held the position as Director for only a short period of time it has been an honour and a privilege to serve the Club and I will always be proud of the part I played in bringing this great institution back into the hands of those who have its best interests at heart.
"I am confident that going forward the Club is in good hands and will offer all my support to the Board in pursuing what is best for the Club. Rangers is hugely important to me and my family and I am delighted that Graeme is joining the Board."
Mr Park founded Park's in 1971 as a small, three-coach operation before expanding into the motor trade six years later.
Park's of Hamilton replaced Bruce's Coaches, which had its club bus contract terminated a year early
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