Dave King has announced he is stepping down as Rangers chairman.

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.

"I estimate that will take about four months."