Rangers fans have hailed outgoing chairman Dave King as “the man who saved our club” after the Ibrox chief announced he would step down in the new year.

The South African businessman announced the decision to shareholders at the 2019 AGM that he will leave the club in 2020, stating Rangers did not need his support any more.

King, who gained control of the club in March 2015, described his time at the helm as "by far the greatest privilege" of his life.

READ MORE: Dave King to step down as Rangers chairman

And several members of the Ibrox faithful were quick to praise the 64-year-old, describing him as “the best thing to happen to Rangers in years”.

He told the AGM: “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.”

One social media user wrote: “Dave King put Rangers back where we should be. Forever grateful for everything he’s done and the fight he took on. Just hope whoever replaces him know what Rangers means to the fans.”

Another added: “Dave King will go down in history as the man who saved our club, deserves all the tributes he will be receiving. without him & the three bears we would still be in Ashley's grip”

A third said: “Dave King is the man who’s gotten us to where we are today, which seven years ago seemed like mission impossible. Thank you for all your efforts Mr King.”

READ MORE: Rangers AGM Live

Others expressed gratitude to King for “making the difficult decisions” after he vowed to continue a legal fight against Sports Direct even after stepping away from Ibrox.

One said: “Dave King did what was required, he made mistakes but the club’s best interests were always a priority. He should be fondly remembered as a Chairman.”

A second added: “Dave King wasn't everyone's cup of tea and his reign certainly controversial and imperfect but what he did for Rangers should never be underestimated. King won't go with the good wishes of every Rangers fan but he will with mine.”