DAVE KING has announced that he will step down as Rangers chairman following the club's Annual General Meeting (AGM) in Glasgow's Clyde Auditorium today.
The South African announced the decision to shareholders at the AGM that he will be stepping down in the new year to direct more time to his private affairs.
READ MORE: Rangers AGM LIVE: Dave King to step down as Rangers chairman in the New Year
King said that Rangers does not need his support any more and said that his time as chairman of the Ibrox club was "by far the greatest privilege" of his life.
King added that he will stay on to continue the club's ongoing legal battle with Sports Direct.
King told the club’s annual general meeting that 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.
READ MORE: Dave King's final AGM speech in full as Rangers chairman announces he is to step down
“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.”
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