Rangers' predicament has left its fans despairing with many fearing it will not survive
7:36pm UK, Thursday June 14, 2012
Green emerged as the frontrunner to assume control of the financially-crippled Scottish Premier League club in the wake of its administration troubles.
Since then there have been numerous twists and turns, with Rangers facing an uncertain future.
The club's creditors rejected a Company Voluntary Arrangement on Thursday, bringing the threat of liquidation.
Charles GreenThis day is bitter-sweet for the consortium I represent
It then emerged Green's new company would be called The Rangers FC, with the hope it would continue as part of Scotland's top flight.
A fresh twist saw former manager Smith announce he was fronting a group keen to assume control of the club and help restore stability.
He called for Green to stand aside and allow those with the best interests of the club at heart to take control. Green responded by declaring himself to be the new man in charge of the Old Firm.
A statement released on the club's official website, in which Green reaffirmed his desire to see Ally McCoist stay on as manager, read: "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.
Charles Green has thwarted Walter Smith's takeover bid
"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.
"These applications will be considered over the next few weeks and I will continue to have discussions with the football authorities in relation to the club's position.
"This day is bitter-sweet for the consortium I represent. From our first involvement we made it clear we would have preferred to acquire this great club through a CVA.
"The decision by HMRC to vote against the proposal was, in my view, counterproductive and did nothing but visit the sins of the past on the owners of the future and indeed the supporters who care so much for Rangers and deserve better.
"It was, however, prudent for us to prepare for this outcome and we are proud and honoured to acquire Rangers and begin a new chapter in its illustrious history."
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