Craig Mather hopes his decision to step down as Rangers chief executive will help bring to an end what he described as the “hysteria” surrounding the club.
The bitter boardroom battle which has gripped the Light Blues in recent months took a fresh twist on Tuesday morning when news of the resignation was confirmed to the London Stock Exchange.
Mather, who replaced Charles Green in the role in April, will remain as a shareholder but says his departure is for the greater good of the Glasgow giants at a time of off-field turmoil.
He said: “No individual is more important than Rangers and my departure will hopefully alleviate some of the pressure surrounding the club and herald an end to the current hysteria, which I believe most fans desperately want to see.
“I have always tried to do my best for the club and the fans and I will continue my support of what is a fantastic club.
“There are a great many good and thoroughly decent people working with Rangers and I am proud to say that I was able to stand alongside them for a time.
“It is often forgotten that I put in £1million of my own money but I can assure everyone that it was never about the money for me.
“I consider it to have been my privilege and I am certain that once the board is settled Rangers will be restored to the top of Scottish football.
“I wish Rangers and the fans every success in the weeks, months and years ahead.
“I will continue to follow the club’s fortunes and support the team which is playing an exciting style of football. In fact, I hope to return to Ibrox and take in as many matches as my time will allow.”
Mather’s exit followed a double embarrassment for himself and the Rangers board earlier in the week.
They were forced to publish amendments to weekend statements which suggested former director Dave King had been lined up as chairman and would lead a new fundraising bid.
Rangers released a follow-up statement to the London Stock Exchange claiming that King’s position would be on the football club board, chairing the company formerly known as Sevco Scotland, and not the plc board, which has been without a chairman since Walter Smith stepped down.
Another former director, Paul Murray, then won a court battle to postpone the club’s annual general meeting, which was set to take place next week.
The postponement followed attempts by the board to block a motion for the election of potential new directors in the shape of Murray, former chairman Malcolm Murray and allies Scott Murdoch and Alex Wilson.
As well as Mather’s departure, Rangers also confirmed the resignation of non-executive director Bryan Smart, leaving only Brian Stockbridge and James Easdale on the board.
In a statement on the Rangers website, Mather defended his short tenure at the Scottish League One club, which recently reported losses of £14.4million.
He said: “The interests of the club are of paramount importance and I believe these are best served by me leaving the club.
“I had real faith in the rebuilding of Rangers and invested significantly in the club.
“Sadly, those who have been most active in upsetting the very good progress we have been making were not willing to do the same.”