Dave King has stepped down as Rangers chairman, with Douglas Park placed in interim charge of the board.
And King confirmed fresh investment has now been “put on hold” as the club deal with the coronavirus crisis.
Johannesburg-based King announced at the club’s AGM in November he would be giving up the role to focus on his business interests in South Africa.
He admits he almost had a change of heart as the scale of the virus threat became clear.
But he has now made way for motor group tycoon Park to steer Rangers through the crisis.
King also announced a task team has been set up at Ibrox to deal with the fallout of the virus.
More to follow.