David Murray today announced he is to step down as a Board Director and chairman of Rangers Football Club.
He will be succeeded as chairman of the club by Alastair Johnston (61), a director of the club for the last five years.
Murray said: “For the last 20 years I have been actively involved in the club on an almost daily basis and I think that now is the right time to take a step back.
“I have said many times that being the chairman of Rangers is not something anyone should do forever and I have personal and business interests outside the club I would like to pursue.
“As things stand, I remain the majority shareholder at the club and will always have the best interests of Rangers at heart but it is time to pass on the chairman’s baton.”