Charles Green's newco will not compete in the top flight during the 2012-13 campaign after failing to acquire the necessary eight-team majority in favour of their participationScottish Premier League clubs have rejected Rangers' bid to rejoin the SPL as a newco next season.
Charles Green's club needed a majority of eight to land a place in the top flight for the coming campaign, but clubs voted "overwhelmingly" against the proposal on Wednesday morning to leave the Glasgow outfit's future shrouded in further doubt.
There had been suggestions from SPL chief executive Neil Doncaster that the decision could be deferred over financial concerns related to the Ibrox club starting out in the third division, but after more than five hours of talks at Hampden, the vote to reject Rangers was confirmed.
A statement from the SPL released on Wednesday afternoon read: "At today's General Meeting, SPL clubs today voted overwhelmingly to reject the application from Rangers newco to join the SPL."
Rangers will now be demoted to a lower tier, with Football League chiefs still to determine whether or not the club should be allowed entry into the First Division.
The news is the latest blow to hit the Glasgow giants, who went into administration earlier this year after a tax dispute.
Green purchased the club's assets for £5.5 million following their liquidation in June, and had hoped to gain entry into the top flight for the resulting newco he founded, but their chances of earning an SPL berth had looked slim after a number of clubs announced that they would not support the application.