A majority of Rangers shareholders have voted against Mike Ashley's demand that the club immediately repay a £5million loan dished out by his Sports Direct empire.
Englishman Mark Warburton has been appointed as Rangers' new manager after agreeing a three-year deal, the club have announced.
The former Brentford boss, who will be assisted by ex-Light Blues captain Davie Weir, has been tasked with leading the Scottish Championship side to promotion at the first attempt by Gers chairman Dave King.
The 52-year-old takes over from interim boss Stuart McCall, who was overlooked for the position after a humiliating 6-1 play-off final defeat to Motherwell cost the club their Scottish Premiership return.
Rangers moved within two games of ending a three-year exile from the Scottish Premiership after holding off Hibernian in their play-off semi-final at Easter Road.
Two goals up from Wednesday's first leg, the Glasgow side could afford to concede Jason Cummings' late strike in the Leith return and hold on for a 1-0 defeat which sees them through to a final showdown against Motherwell with a 2-1 aggregate success.
Stuart McCall has arrived at Murray Park to begin work as the new Rangers manager.
McCall was photographed driving through the gates of the club's training ground ahead of the anticipated announcement of his appointment.
The 50-year-old is expected to deliver his first media conference as Rangers boss later on Thursday.
Dave King, Paul Murray and John Gilligan have been voted onto the Rangers board, with the shareholders voting overwhelmingly to remove existing board members Derek Llambias and Barry Leach.
Shares in Rangers have been suspended by Stock Exchange bosses after the club's Nominated Advisor resigned.
The announcement comes just two days before the club are due to hold a general meeting which will clear out the current board of directors and put Dave King in charge.
But now equity trades on the AIM market - a sub-division of the London Stock Exchange - have been halted after NOMAD WH Ireland withdrew its services.
Rangers have announced non-executive chairman David Somers has resigned from the club's board of directors.
The statement to the Stock Exchange followed speculation on Sunday night which suggested the 66-year-old - a deeply unpopular figure with fans - was ready to walk before he was pushed out of the club at a general meeting on Friday.
Rangers manager Kenny McDowall has admitted he's been told to play all five players he has on loan from Newcastle United.
The Scottish side have taken Giri Bigirimana, Haris Vuckic, Kevin Mbabu, Remie Streete and Shane Ferguson from St James' Park until the end of the season.
Mike Ashley, who is the owner of Newcastle, has recently loaned the Scottish Championship side £10million, as his influence at the Glasgow club grows.
Asked if he is duty bound to start the loanees, Mcdowall said: "Yes."
He added: "They're obviously good players. They've played with Newcastle. I'll carry on and do what I'm told to do.
"I was told at the offset that players would be coming in that wouldn't be my responsibility. So I'll carry on regardless."
Celtic and Rangers will face each other for the first time in almost three years today, with police warning supporters they will crackdown on any signs of trouble.
The League Cup semi-final match at Hampden Park in Glasgow is a sell-out and will have an international TV audience with 54 countries screening the game.
Tensions are set to be high in what is the first game between the clubs since Rangers' liquidation in 2012 and both clubs have been visited by Police Scotland to remind players and management of their responsibilities in a bid to minimise any possibility of trouble.
Officers have said they will be monitoring social media as well as having an increased presence on streets in and around Glasgow.
Police will be deployed at the stadium, in Glasgow city centre and at major transport hubs before, during and after the match.
Chief Superintendent Andy Bates, the match commander, said: "I am sure that most supporters will enjoy the sporting occasion, however a minority may choose to cause disorder and my message to them is clear: anyone involved in disorder will be arrested."
Former Rangers midfielder Gennaro Gattuso says he would be interested in taking the manager role at the club, but the matter is complicated.
The Scottish side are without a manager following Ally McCoist being put on gardening leave and caretaker Kenny McDowell resigning.
Gattuso, who was back in Glasgow for Fernando Ricksen's charity match, is willing to step into the breach, but feels it would be too complex to do so.
"I still have a lot of memories here. It was 15 years ago that I started to play here. I felt the same running out there again. I'm maybe carrying five of six kilos more but it still felt fantastic.
"But now the club has big problems. They need to find a way of solving those.
"Of course I would be interested in the vacancy. I stopped playing two years ago. Now my job is to become a coach. That's normal.
"But at this time the road [to the Rangers job] is far away."