Mike Ashley has effectively taken control of Rangers following the resignation of chief executive Graham Wallace.
The London Stock Exchange has confirmed that Ashley's £2million emergency loan offer has been accepted.
One of the conditions of the loan was the resignation of Wallace and Ashley's deal will allow him to choose two directors to replace Wallace and Philip Nash, who also left the club on Friday.
The Stock Exchange statement said: "Rangers announces that Graham Wallace, chief executive officer, has resigned as a director and employee of the company and its subsidiaries with immediate effect.
"The directors would like to thank Graham for his contribution to the club during a difficult period.
"The board has commenced the search for a chief executive officer. A further announcement will be made in due course."
Ashley, owner of Premier League Newcastle, already owns an 8.92 per cent stake in the club and will now enjoy greater influence within the club. His £2million offer is believed to include a zero interest facility, with the potential to draw down unlimited funds. 

Mike Ashley now has effective control of Rangers after his emergency loan was accepted by the board - one of the conditions was Wallace's resignation
On Friday, the board of Rangers FC voted to accept the offer of an emergency loan from Ashley, thus rejecting one from Sale Sharks owner Brian Kennedy.
Kennedy, who was a member of the Blue Knights consortium which failed to stop the club from sinking into liquidation in the summer of 2012, had made a last-gasp £3million counter offer.
Last week, former director Dave King failed to reach an agreement with the Rangers board over a proposed £16million cash injection into the Scottish Championship club.
King has already returned to South Africa after talks broke down without an agreement. Backed by former Blue Knight Paul Murray and wealthy fan George Letham, King was looking for a controlling stake at Ibrox in return for a cash injection.
Graham Wallace: Resigned as Rangers chief executive
However, this required the approval of Sandy Easdale, the club's football-board chairman who controls around 26 per cent of the shares.
The SFA are expected to contact Rangers this week to ask for clarity on Ashley's role at the club. Ashley has an agreement with the SFA that restricts him from owning more than 10 per cent of Rangers' shares and from having undue influence in boardroom affairs, as a result of his ownership of Newcastle United.
Sky Sports News reporter Charles Paterson reported on Friday that the club is thought to have a major funding shortfall, followed by the loss of around 15,000 season ticket holders, coupled with high staffing costs, which has left a huge financial hole.
Rangers’ most recent interim accounts in March of this year showed losses of £3.5million for the final six months of 2013, with the same amount available in cash reserves.
In September, the club belatedly repaid two £1million loans from Easdale and Letham.