The businessman moved quickly to announce a new board to run the club, saying he was bringing in Scottish investment specialist Malcolm Murray as chairman.
The deal went through despite last-minute interest from a rival group, headed up by former manager Walter Smith.
Mr Green's consortium now owns Ibrox and the rest of Rangers' assets, but must wait to find out what league the team will play in next season.
They must also meet with the players and their agents to resolve the question marks over their contracts, with many experts saying that those who want to walk away are free to do so under UK employment laws.
Mr Green attempted to quash reports that had developed during the day that Rangers manager Ally McCoist was on the verge of quitting the club, saying he wants the former player to remain in charge as he is the "man to take Rangers forward".
The substance of the apparent new dawn for Rangers was outlined at a hastily-called briefing at Ibrox, with Charles Green speaking to the media flanked by new non-executive director Imran Ahmad.
The new chief executive said that it was a "bitter sweet day" as it had always been his intention to settle a company voluntary arrangement with Rangers creditors rather than buy the assets after liquidation.
However, Mr Green added the hard work of turning around Rangers would start now and moved to reassure fans that football would continue at Ibrox.
He said: "We are proud and honoured to acquire Rangers and begin a new chapter in its illustrious history. These are early days and there is a huge amount of hard work to be done to rebuild Rangers.
"It will take time and effort, passion and commitment. Rangers will rise again and that journey began in earnest at Ibrox today."
He added: "My consortium has been determined from the outset that from now on Rangers will be run to the highest standards of corporate governance.
"I have been greatly encouraged by the enthusiasm investors have shown and their belief that Rangers can have a great future. I believe that too and I, along with everyone at the club, will work tirelessly to make it happen."
Applications have now been made to register the company, renamed The Rangers Football Club, with both the Scottish Football Association and to participate in the Scottish Premier League (SPL)
Mr Green said discussions would take place in the coming weeks with both bodies as questions continue to be raised over which division Rangers will compete in.
The club's new boardroom structure was also revealed, along with several new appointments.
According to the plan outlined yesterday, Rangers will be run with two boards, a company one and another which deals with football matters.
No single investor will have more than 10% to 15% of the shareholding, and more are being sought to raise additional funds.
Chairman Mr Murray, who was not at the meeting, said it was a "great honour" to take up his post, but stressed that the days of excess at the club were over.
He admitted that he had no involvement with Mr Green before the takeover began, but has worked with Mr Ahmad's employers, Zeus Capital.
He said: "I have spent most of my working life developing a long-term investment philosophy, taking stakes in companies and working closely with the boards while imposing the highest standards of corporate governance.
"It is my firm intention to ensure high standards of transparency and probity are adopted and the club will be managed with a prudent long-term strategy avoiding the fiefdoms and excesses of the past.
"With that approach I am sure that Rangers can look forward to better days."
Brian Stockbridge, a London-based businessman who also works for the investment firm, was confirmed as finance director, while investors were named as Chris Morgan, a UK-based businessman representing family trusts, Glenmuir, the Scottish clothing company; Alessandro Celano, of Blue Pitch Holdings and Zeus Capital.
However, things did not go completely according to plan at the briefing.
It was also claimed that funding had been received from Glasgow-based Ian Hart, who later issued a statement denying this was the case.
An offer was also made to Mr Smith to come onboard as the chairman of the football board, with Mr Green saying: "If Walter Smith wants to be chairman of the football club board, I'll appoint him at nine o'clock [this morning]."