Former Rangers chief executive Charles Green is to stand down from his role as a paid consultant at the club and plans to sell his shares in the Ibrox outfit.
The Glasgow side's board was due to meet today to discuss sacking the Yorkshireman from the post which he was only appointed to on August 2.
But he has now decided to go before he was pushed and has promised Rangers investor Sandy Easdale first refusal on the 7.7 per cent stake in the club he currently owns.
In a statement given to Press Association Sport, Jack Irvine - spokesman for The Easdale family - said: "Charles Green has given first refusal of his shares to Sandy Easdale as he promised. Sandy may take all or some of the shareholding depending on the strategic requirements of other potential investors. "
Green led the £5.5million purchase of the club's business and assets by a consortium of investors after it was liquidated last summer and reformed the former Scottish champions as a newco in the Third Division.
But following an outspoken spell as chief executive, he resigned in April amid allegations of links to former Rangers owner Craig Whyte and anger over alleged racist comments made about former club director Imran Ahmad - a statement for which he was fined by the Scottish Football Association.
It was Whyte who set Rangers on the path to liquidation when he put them into administration 18 months ago, but an independent investigation ordered by the club's board found he had not invested in the current Rangers set-up.
Green returned to the club three weeks ago on a £1,000-a-month retainer in order to placate some of the club's investors after Rangers' share price dropped to just 41p.
But he quickly faced fresh anger after telling boss Ally McCoist he would have a "problem" if he failed to lead the team to a domestic cup win while also backing a £3.4million legal bid launched by Ahmad against the Glasgow side after he too was forced out of the club.
McCoist responded by branding Green an "embarrassment" to Rangers.
Current chief executive Craig Mathers - who faces being removed from the board himself along with Brian Stockbridge and Bryan Smart and replaced by Paul Murray and Frank Blin after a group of shareholders called for an extraordinary general meeting - told fans at a meeting earlier this month that he would call a meeting of directors where a plan to sack Green would be voted on.
But Green has now decided to go of his own volition.
His decision comes 24 hours after three Rangers supporters groups - The Rangers Supporters Assembly, The Rangers Supporters Association and The Rangers Supporters Trust - issued a joint statement telling the current board that they wanted Green out.
The statement read: "There are significant concerns among our worldwide fan base over the conduct of former CEO, Charles Green.
"Mr Green has been very outspoken in the media, and has clearly undermined the manager and the team. He is also purported to be giving support to a financial claim to be made against the club which we feel represents a conflict of interest for him and the club.
"We strongly urge the Board to terminate Mr Green's consultancy role."
Green will not be allowed to sell his shares until December under Stock Exchange rules, but has already struck a separate deal to transfer 714,285 shares to Isle-of-Man registered hedge fund Laxey Partners Limited.
Businessman James Easdale - brother of Sandy - meanwhile, has already been appointed to the Rangers board as a non-executive director of the company.
Easdale, who is described on the club's website as "an entrepreneur and a director of several businesses", has a business empire which includes McGill's Bus Service Limited.
The Easdales siblings invested in the Light Blues last year and confirmed in May their intention to increase their Rangers shareholding and seek a significant say in the running of the club.