The controversial Ibrox reign of Charles Green has come to an end after he quit as chief executive of Rangers.

Green told the club's board he was stepping down from his position with immediate effect.

The move comes just days after an independent investigation was set up to probe his conduct and alleged dealings with Craig Whyte.

The 59-year-old released a statement yesterday denying any wrongdoing, but adding the negative publicity was bad for the club.

The board said it has already begun the search for a new chief executive and expected the position to lure high quality candidates.

Mr Green said: "Recent events have undoubtedly been a distraction for both myself and all involved with Rangers and I feel that it is appropriate that I step down so that the club can continue to progress back to where it belongs, at the pinnacle of Scottish football."

He also spoke of his pride at having been involved with the Ibrox side and thanked fans for their support during his tenure.

Mr Green added: "I am very proud to have been associated with a club of the stature of Rangers and am proud of the achievements of the club during my tenure as chief executive.

"My thanks go to the Rangers fans, whose support has been tremendous."

Mr Green arrived at Rangers to a hail of publicity as the new leader of a consortium vying to buy the club after it entered administration.

Although not a well known figure in Scottish football, he had played as a centre forward with a variety of non-league clubs in the north of England in his youth and was once on the books at Doncaster Rovers.

His professional career went no further but he later was appointed chief executive of Sheffield United under self-made multi- millionaire Michael McDonald.

Mr McDonald had, along with two anonymous backers, bought a 52% controlling share in the club for £3.2million in 1995.

Mr McDonald left United in 1998 after a supporters' protest at the sale of several prized first-team players. Green soon followed.

He later became chairman of Cheshire-based football management agency Proactive Sports, the firm that represented top players Andy Cole, Stan Collymore and Wayne Rooney.

He left Proactive in 2003 and, when the Rangers takeover went through, he was listed as a non-executive director of Nova Resources Ltd, a company incorporated in Bermuda in 2007 involved with mining and exploration, .

Companies House revealed his involvement in a string of companies which have since been dissolved.

These included HFG Ltd, Medical and Diagnostic Solutions and Turnpyke. Other failed companies he held directorships in were Pathsight Ltd, and Players Worldwide Ltd.

He has also resigned from property firm Texas Holdings, surgical equipment manufacturer Cellpath, and construction outfit Formation Group PLC.

Green was also chairman of Kingsbridge, a vehicle that offered financial services to wealthy sports stars and entertainers.

In 2000, Kingsbridge acquired Murray Management Group Ltd, a firm described then as an "officially appointed adviser to the Scottish Premier League and Scottish Football League".

Mr Green will step down from his post immediately and is expected to have handed over the company by the end of May.

Rangers chairman Malcolm Murray thanked Mr Green for helping to secure financial stability for Rangers after the club went into administration on February 13 last year.

He added: "Charles Green was instrumental in helping to secure financial stability for the club.

"The impact that he had in turning the club around from the dark days of last summer will never be forgotten by the fans who I am sure, like me, will thank him for this and for choosing to put the club ahead of his personal position at this time."

catriona.stewart@ eveningtimes.co.uk