The 60-year-old led a consortium to buy Rangers in May 2012, and was named chief executive upon the completion of the takeover.

But he resigned from this position in April amid reports of links to former owner Craig Whyte, who left the club due to huge amounts of debt and unpaid tax.

Green returned to Ibrox on August 2 as a paid consultant and caused controversy by suggesting manager Ally McCoist would have to win a cup, as well as the Scottish League One title, this season.

Those remarks angered McCoist and led to the exit of Walter Smith, who resigned from his role as non-executive chairman of the club.

And after fans reacted badly to his appointment, Green will now step down.

Green, who also formerly worked as chief executive at Sheffield United, still owns a reported 7.7 per cent stake in the club and is said to have offered first refusal on this to fellow shareholder Sandy Easdale.