Rangers will appoint Paul Murray as interim chairman while Dave King seeks to prove to the Scottish Football Association that he is a fit and proper person.
Castlemilk-born businessman King released a statement which outlined his plans to install Murray as chairman while he spends time convincing regulatory authorities that his 41 tax convictions in South Africa should not stand in the way of a boardroom return.
"An important issue that was repeatedly (and correctly) raised by the previous board is the need for the regulators to be given time to complete the necessary due diligence on myself - given my intended role as chairman of the company," he said.
"However, engagement with the regulators can only commence at the specific request of the company and that process can only be initiated on conclusion of the general meeting. It is important that I lead by example following my commitment to transparency and accountability.
"I will therefore delay acceptance of my appointment as director until the regulators have completed due process. Paul Murray has agreed to act as interim Chairman of the company until this process has been concluded. Additional board appointments will be announced in the near future."
Friday's Extraordinary General Meeting is expected to go ahead at the Gers' Ibrox home as planned.