Ken McGeoch has put his shares in St Mirren up for sale after the Paisley club called for his resignation as director for allegedly showing ''commercially sensitive documents'' to Rangers company secretary Gary Withey.
Withey, a former partner in the London law firm Collyer Bristow, brokered the Rangers takeover deal in May 2011 when Craig Whyte paid a nominal £1 for Sir David Murray's 85% shareholding.
McGeoch and his business partner Paul Davies, who have expressed interest in taking over the Paisley-based Scottish Premier League club, met Withey in the St Mirren boardroom in November.
In a statement, published on the BBC website and in a number of Scottish newspapers, McGeoch said: ''Gary Withey attended a meeting in the St Mirren boardroom on November 25 as part of our prospective bid. It was a preliminary meeting before appointing Collyer Bristow as our legal representative.
''All business has been conducted with full transparency to all current directors, including seeking approval for the meeting with Gary Withey. As a lifelong fan I'm very disappointed by the sustained campaign to discredit my bid and remove me from the board.
''The main objective has always been to secure the club's future but it's clear the current board believe it should be taken in a different direction. Under the circumstances I would be prepared to walk away from the club I rescued alongside Roger Lucas.
''I can confirm that I will no longer require to be a shareholder and these shares are available for the board and R Atkinson (prospective buyer Richard Atkinson) to purchase.''