James Easdale has resigned as a director at cash-strapped club Rangers with immediate effect.
In a statement released to the London Stock Exchange this morning, the Scottish outfit confirmed that the bus tycoon will stand down from his position.
"Rangers announces that James Easdale has resigned from the Boards of the Company and Rangers Football Club Limited with immediate effect," the statement read. "He leaves Rangers having never received any remuneration, bonus or compromise payment during his time at the club.
"He would like to thank all the fans and shareholders who supported him and wishes the club a speedy return to the top flight of Scottish football and beyond."
The news comes just a week before the Gers' highly anticipated Extraordinary General Meeting at Ibrox, which was due to be held in London before "threats" forced two hotels to pull out of hosting the talks.
Easdale was one of four directors in the firing line at that board meeting, and he admitted in a short statement of his own that surviving such a vote would be "a hollow victory" without the full backing of Rangers supporters.
"I drew great comfort from the shareholder votes in my favour at the AGM on December 22 - almost 90%," he said. "However, it was clear that this cut little ice with the fans who attended Ibrox on that day.
"I personally feel to remain on the board even after securing shareholder backing once more would be a hollow victory for me without the fans' support to help the club go forward. I also want to dispel any remaining doubt that I received any remuneration from Rangers.
"I did not. Instead, I chose to work for free to benefit the club. I want to see Rangers flourish again with both fans and shareholders working in harmony. To help achieve that objective, I think it is in the best interests of the club that I step aside and resign from the board of Rangers FC."
Rangers Supporters Trust announced on Tuesday that it had purchased shares from Beaufort Nominees, which was previously under the control of Sandy Easdale - the brother of James Easdale - through a proxy.
