Newcastle United and Sports Direct owner Mike Ashley has won his fight to remove the chief executive of troubled Rangers Football Club.
It was confirmed on Monday that Graham Wallace had quit after the club agreed a £2m interest-free loan with Ashley, who gets to appoint up to two directors to the board in return for the cash.
Ashley, who owns almost 9% of the voting rights of Rangers, had previously been calling for a shareholder meeting to oust Mr Wallace and financial consultant Philip Nash.
Mr Nash resigned last week.
The former managing director of Newcastle United, Derek Llambias, is tipped to be given the vacant chief executive role.
The latest boardroom drama follows years of financial upheaval at the club.
It has climbed back to within one division of the top flight of the Scottish game after its 2012 collapse under a mountain of debt, which forced it to relaunch from the fourth tier.
However, its progress on the pitch - currently second in the Scottish Championship - has been marred by boardroom infighting and further financial losses.
On Friday, the Rangers board voted to accept the offer of an emergency loan from Mr Ashley, rejecting a £3m counter offer put forward by Sale Sharks owner Brian Kennedy, who was a member of the Blue Knights consortium which failed to stop the club sinking into liquidation in 2012.
It is understood Mr Ashley wants to increase his stake and there is press speculation he could even launch a bid to take control under what the Daily Record called a "power grab".
The billionaire has recently pulled off a string of surprise moves, including a put-option agreement last month on a small stake in Britain's biggest grocer Tesco and a move to increase his stake in Debenhams.
The Scottish FA is expected to contact Rangers this week to ask for clarity on Mr Ashley's role at the club.
He currently has an agreement with the SFA that restricts him from owning more than 10% of Rangers shares and from having undue influence in boardroom affairs, as a result of his ownership of Newcastle United.
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