Following reports that Walter Smith was set to lead a bid to take over Rangers, Charles Green has issued a statement claiming to have taken control of the club.

Green was already the head of a consortium set to take over the club before Smith made a last-minute bid to take the reins.

"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", said Green on Rangers' club website.

"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.

"It will take time and effort, passion and commitment. Rangers will rise again and that journey began in earnest at Ibrox today."

There is, however, some encouraging news for Ally McCoist after much speculation regarding his future.

"Our consortium wants Ally McCoist to remain as manager and we firmly believe he is the man to take Rangers forward.

"He embodies everything that is great about the club and without question we want him to continue as the Rangers manager.

"The rebuilding of the club will happen from today."