Charles Green has announced that his consortium has bought the business and assets of Rangers.
The company is now due to be liquidated and re-formed as a newco following the £5.5 million deal, with Green confirming he wants Ally McCoist to remain the club's manager.
In a statement, Green said: "Following the formal decision of the creditors' meeting at Ibrox Stadium today, the consortium I represent has fulfilled its agreement with the administrators and has completed the acquisition of the business and assets of The Rangers Football Club plc.
"The transfer of the business and assets to a new company structure has taken effect immediately and the new company is The Rangers Football Club.
"An application has already been made by the company to register with the Scottish Football Association and to participate in the SPL."
The news comes shortly after former Rangers manager Walter Smith had confirmed he was leading a separate bid in which he urged Green to step aside.