Charles Green today completed his purchase of Rangers` assets - shortly after former manager Walter Smith announced an 11th-hour bid.
Green completed his £5.5million newco acquisition after his Company Voluntary Arrangement was formally rejected.
The former Sheffield United chief executive stressed he wanted Ally McCoist to stay following morning reports that the manager was on the verge of quitting after apparently discovering that Green planned to replace him.
In a joint press conference today Rangers administrator David Whitehouse and former Sheffield United chief Charles Green announced that a deal had been made for a consortium lead by Green to buy the troubled club.
Former Sheffield United chief executive Charles Green has agreed a deal to buy Scottish Premier League side Rangers.
DUFF and Phelps, the administrators of Rangers Football Club, issued the following statement:
"We are very pleased to announce that we have accepted an offer from a consortium headed by Mr Charles Green for the purchase of Rangers Football Club."
"Mr Green has secured, via a substantial financial commitment, a period of exclusivity to complete the purchase of the Club and this is expected to be finalised at a creditors' meeting on June 6."
Rangers have called a press conference for 10am where former Sheffield United chief executive Charles Green is expected to be announced as the preferred bidder for the football club.