The deal was officially announced at 10am on Sunday, when the club issued the following statement through joint administrator David Whitehouse of Duff and Phelps:
"We are very pleased to announce that we have accepted an offer from a consortium headed by Mr Charles Green for the purchase of Rangers Football Club.
"Mr Green has secured, via a substantial financial commitment, a period of exclusivity to complete the purchase of the club and this is expected to be finalised at a creditors' meeting on June 6.
"The structure and quantum of the offer from Mr Green is such that it is acceptable to us as administrators and, having been in discussions with major creditors throughout the process, we believe this presents the best prospect of financial recovery for creditors."
Green will form a Company Voluntary Arrangement, which will allow the club to carry on trading so long as it keeps to a repayment schedule agreed with creditors, though if the creditors do not agree a CVA deal then Green will still take over.
"If the creditors do not approve the Company Voluntary Arrangement, the agreement obliges Charles Green's purchasing vehicle to acquire the business and assets of the club on agreed terms, through a newco structure. It is Mr Green's strong preference to achieve a CVA," the statement continued.
The news comes on the final day of a Scottish Premier League season which has seen Rangers surrender their title to bitter rivals Celtic.
Green said he was thrilled to have secured a deal, and added that he has already agreed a transfer of shares from former owner Craig Whyte.
"I am delighted our proposal to purchase Rangers has been accepted and we are working night and day to finalise matters," he said.
"This is a great football club with a tremendous history and we will preserve that while building a solid platform for the future.
"Rangers supporters have every right to believe their club should be a success on and off the pitch and that is exactly what we will strive to achieve.
"At all times we will make decisions that are in the best interests of the club. Not every decision at a club can be popular but I can tell every Rangers fan now that whatever decision is taken they will always be told the truth.
"We will do everything in our power to achieve a CVA and we already have a detailed written commitment from Mr Craig Whyte for the transfer of his [85 per cent] shareholding.
"I look forward to working with everyone at Rangers, staff, players and supporters, in building a better future. It's what this great club deserves."
Rangers went into administration over £9m in unpaid taxes. They face a much larger potential liability in a separate tax dispute over how they paid their players over the past decade.
Winning over Rangers' passionate fans may be a challenge for Green. US tow-truck tycoon Bill Miller, named preferred bidder earlier this month, withdrew his offer after protests by fans.
The 59-year-old Green has no public profile in Scotland. He was chief executive of Sheffield United when the club floated on the stock market in 1997 and is currently chairman of Nova Resources, a company that is listed on London's AIM stock market and invests in mining businesses. It is active mainly in Singapore and Mongolia.