Rangers, in their newest form, will return to action on Sunday when they face Brechin City in the Challenge Cup having been granted Scottish Football Association membership on a conditional basis.
The Old Firm giants' financial plight, which has seen them demoted to Scotland's fourth-tier, has been well documented in recent weeks but the severity of the Glasgow based club's problems will hit home at the weekend.
Brechin's 1,500-seater stadium is typical of the grounds Rangers will be visiting next season in the Scottish Third Division, with the league's average attendance for its last campaign being just 485.
"The agreement signed today allows Rangers to be granted membership by the SFA and finally enables the club to move forward," Rangers chief executive Charles Green said.
"The board, the manager and senior executives have been working tirelessly over the last few weeks to secure the future of the club and today is the start of that process.
"The board has had to take some very difficult decisions to gain SFA membership, including accepting the delayed transfer ban and paying outstanding financial penalties. But we are now able to get back to playing football and plan for the new season, starting this Sunday with our match against Brechin.
"There remains, however, an outstanding issue with the SPL regarding EBTs (Employee Benefit Trusts). As we have proved in the last couple of months we will stand up to any challenges that face Rangers and will continue to fight for the club's best interests."
A joint-statement from the Scottish FA, Premier League and Football League read: "We are pleased to confirm that agreement has been reached on all outstanding points relating to the transfer of the Scottish FA membership between Rangers FC (In Administration), and Sevco Scotland Ltd, who will be the new owners of The Rangers Football Club.
"A conditional membership will be issued to Sevco Scotland Ltd today, allowing Sunday's Ramsdens [Challenge] Cup tie against Brechin City to go ahead.
"Following the completion of all legal documentation, the Scottish Premier League will conduct the formal transfer of the league share between RFC and Dundee FC on no later than Friday 3rd August 2012.
"At this point, the transfer of Scottish FA membership will be complete."