The Rangers boardroom saga took a fresh twist as chief executive Craig Mather became the latest figure to depart the club.
News of Mather's decision to step down from the role was confirmed along with the resignation of non-executive director Bryan Smart.
Another director, Ian Hart, quit the Light Blues a week ago, leaving Brian Stockbridge and James Easdale as the only members of the board.
Mather's resignation came just two days after former director Paul Murray won a court battle to postpone the club's annual general meeting, which was set to take place next week.
The postponement followed attempts by the Rangers board to block a motion for the election of potential new directors in the shape of Murray, former chairman Malcolm Murray and allies Scott Murdoch and Alex Wilson.
In a statement on the Rangers website, Mather defended his short tenure at the club, which recently reported losses of £14.4million.
He said: "The interests of the club are of paramount importance and I believe these are best served by me leaving the club.
"Despite recent events and speculation, the facts of the matter are that the club is financially secure and in a far better place than it was a year ago.
"Unlike most football clubs Rangers has money in the bank, no borrowings and this season we have assembled a squad which is capable of progressing through the leagues.
"I have enjoyed a very constructive relationship with Ally McCoist and wish him and the team every success.
"My short tenure as chief executive has been beset by incessant attempts to destabilise the operations of the club, all done supposedly in the interests of Rangers.
"I had real faith in the rebuilding of Rangers and invested significantly in the club.
"Sadly, those who have been most active in upsetting the very good progress we have been making were not willing to do the same.
"I leave with my head held high and will remain as a shareholder and a supporter of Ally and his team."
Mather replaced Charles Green as chief executive in April on an interim basis, before taking on the role permanently.
He added: "No individual is more important than Rangers and my departure will hopefully alleviate some of the pressure surrounding the club and herald an end to the current hysteria, which I believe most fans desperately want to see.
"I have always tried to do my best for the club and the fans and I will continue my support of what is a fantastic club.
"It is often forgotten that I put in #1million of my own money but I can assure everyone that it was never about the money for me.
"I consider it to have been my privilege and I am certain that once the board is settled Rangers will be restored to the top of Scottish football."