Outgoing Rangers chairman Dave King has claimed the club will be in its "best shape" for 40 years when he stands down next year.

King, 64, announced his decision to leave his Ibrox role in March 2020 during Tuesday's AGM.

The South African-based businessman insisted a recent takeover panel sanction had nothing to do with his decision and said he was investigating reports HMRC had overcharged the club before its collapse in 2012.

He said: "If I complete the fundraising the club will be in the best state it has been for 40 years. Because even in the old days we still had massive debts.

"With the club being in the best shape it has been for 40 years, why would the fans be concerned? If I leave and it's fully funded, I wouldn't think there would any reason for them to be concerned.

"The circumstances that allow me to step down are good for the club. If I kept hanging around it would be because the crisis is continuing."

King was heavily sanctioned by the takeover panel last month over the way he took control at Ibrox in 2015, but he said it had no bearing on his decision to stand down.

He also vowed to keep fighting an"irritating" long-running dispute with Mike Ashley's Sport Direct no matter how long it takes.

He said: "Sports Direct for me is more irritating than significant. I just don't like the fact that they are trying to retain a level of influence indirectly over our retail operations, but it's not like it was a couple of years ago.

"There's no influence, there's no power base there so... it irritates me, it's something that I am steeped in, I am the director of Rangers Retail Limited and I will fight that.

"Whether that be two or three years I will continue to do that.

"It's important but it's not something that threatens the club or going to make a big difference to our finances so it is not the strategic risk that it was to us before we terminated the existing contract."

When asked if being "cold shouldered" by the takeover panel had played a part in his decision to stand down, he said: "The opposite would be true, the takeover panel might be a reason for me to stay around out of defiance.

"The takeover panel is not an issue, cold shouldering me. I'm not on the board, I'm not going on the board so it was more symbolic, I think it was more the takeover panel saying to me 'you didn't play by our rules and we don't like it so we're going to punish you'.

"I get that, I was told by our lawyers that I had no chance of winning but I can be a bit stubborn so I thought 'I'm going to push it anyway'."