Charles Green has 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 reports that the manager was on the verge of quitting after apparently discovering that Green planned to replace him.
Green, who made no mention of Smith's bid in a lengthy statement, 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."Smith had earlier confirmed he was leading a bid - believed to be worth about £6million - 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 has pointed to a longer-term involvement.
The Yorkshireman named several of his investors and addressed the future of McCoist, who has remained tight-lipped on Thursday.
"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."
Smith, whose late bid is in conjunction with Scottish businessmen such as Douglas Park and Jim McColl, had urged Green to step aside.
But Green, now chief executive of the new-look club, appears to be making long-term plans.
Ayrshire-born pension fund manager Malcolm Murray, described as a "Rangers supporter since a boy and a season-ticket holder", has been installed as chairman.
Green has plans for a dual governance structure - with a football board and company board.
He said: "These are early days and there is a huge amount of hard work to be done to rebuild Rangers.
"It will take time and effort, passion and commitment. Rangers will rise again and that journey began in earnest at Ibrox today."
He added: "We are looking to expand that investor base and are in discussions with a number of interested parties.
"I have been greatly encouraged by the enthusiasm investors have shown and their belief that Rangers can have a great future. I believe that too and I, along with everyone at the club, will work tirelessly to make it happen."
However, despite being named as one of the investors by Green, Hart confirmed he was not part of the Green consortium.
The Glasgow businessman instead restated his support for Douglas Park, who is part of the group led by Smith.
He stressed that he has not put new money into Green's Sevco consortium, and was in fact one of the Blue Knights, who were involved in a previous bid for the club.
Hart said in a statement: "A number of years ago I invested in the youth development department and that money was lying in the youth development department.
"At the time when Charles Green was the preferred bidder and was going for the CVA (Company Voluntary Arrangement), I allowed that money to be used in order to get a CVA, but I am not part of his consortium.
"That was on the basis that he was going for a CVA, for the simple reason of trying to help to save the club.
"But I am not part of his consortium and I've been behind Douglas Park in the previous bid with the Blue Knights.
"I spoke with Douglas yesterday and today, and I was very happy to be involved in putting more investment into the bid by Douglas.
"I am not part of Green's consortium. I remain in full support of Douglas Park."
Green later made an offer to Smith to become chairman of the football board during an impromptu media conference at Ibrox.
He revealed his group had spent around £10million putting a deal together and did not appear willing to sell the club immediately.
He also described the rumours about McCoist's future as "rubbish."
Green said: "I dont stab people in the back, I stab them in the chest."
Green also revealed he only spoke to McCoist for about 10 seconds today as they passed in the corridor and had only met six times in total.