DAVE KING will step down as Rangers chairman in the new year.
The sensational announcement was made at the Ibrox club’s AGM today.
The South Africa based businessman, in charge since 2015, has announced he will leave be quitting after the turn of the year.
King, 64, revealed his intention as he addressed shareholders at the Clyde Auditorium.
Rumours had been swirling around in recent weeks that massive changes were afoot at the corridors of power at Ibrox and an emotional King has confirmed he will now stand aside.
He was given a standing ovation as he broke down as emotions overwhelmed while he was breaking the bombshell news.
King has always maintained he did not plan to lead the club long-term and says this will be his final AGM – although he does intend to remain on the board until the conclusion of Rangers’ long-running battle with Sports Direct.
As reported in the Daily Record, he said: “The crisis is behind them and now this is my final AGM I would not step down if the club needed me.
“It’s been a privilege”
King, as part of the Three Bears consortium including Paul Murray and John Gilligan, became chairman in 2015 and has invested heavily in an attempt to restore the club to the Scottish football summit.
In October 2019, he was sanctioned by the Takeover Panel over the way he took control.
King oversaw the appointments of managers Mark Warburton, Pedro Caixinha and now Steven Gerrard.
The side are currently level on on points with Celtic at the top of the Premiership and will face the holders in the Betfred League Cup Final at Hampden a week on Sunday.
Rangers are also bidding to qualify for the Europa League knock-out stage and face a crucial clash with Feyenoord in Rotterdam on Thursday.