Charles Green has announced that his consortium has bought the business and assets of Rangers.
• Walter Smith plans bid
• McCoist's Rangers future uncertain
• Rangers to be re-formed
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."
Former Rangers manager Walter Smith had earlier confirmed he was leading an 11th-hour bid - believed to be worth about £6 million - and urged Green to step aside.
Green could conceivably make a quick profit by agreeing to sell Rangers to Smith's group immediately but his statement today pointed to a longer-term involvement.
The Yorkshireman named several of his investors and addressed the future of McCoist, who has remained tight-lipped.
"Our consortium wants Ally McCoist to remain as manager and we firmly believe he is the man to take Rangers forward,'' Green said.
"He embodies everything that is great about the club and without question we want him to continue as the Rangers manager.
"I fully understand that other people have courted Ally who do not wish to see my consortium succeed, however I believe time for decision and rancour is over now that the club has been sold and everyone with the interests of Rangers at heart should unite.
"The rebuilding of the Club will happen from today.''
Green added: "In terms of investors in the company, to date our investors include Chris Morgan, a UK-based businessman representing family trusts; Glenmuir, the renowned Scottish clothing company; Ian Hart a Glasgow-based businessman; Alessandro Celano of Blue Pitch Holdings and Zeus Capital.''