Rangers have been consigned to liquidation after Her Majesty's Revenue and Customs decided to reject an offer from Charles Green's consortium.
The decision means Green's Company Voluntary Arrangement (CVA) will fail to achieve the 75% backing needed from creditors.
Green will now push ahead with plans to buy the club's assets for £5.5million in the coming days with both HMRC and Ticketus, the other major creditors, not expected to challenge the newco purchase deal he has struck with administrators Duff and Phelps. But there is no guarantee the new entity will be able to play in the Clydesdale Bank Premier League.
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