Former Rangers owner Craig Whyte and ex-chief executive Charles Green have been charged with serious organised crime offences in relation to the acquisition of the club in 2012.
Motherwell-born Mr Whyte, 44, has been charged under Section 28 of the Criminal Justice Licensing Act 2010 which covers serious organised crime offences. He also faced a charge of conspiracy.
Mr Green, 62, has been dealt the same charges as well as fraud and an offence under Section 190 of the Companies Act 2006.
The pair were joined in the court by David Whitehouse, who was the club's co-administrator in 2012. He has been charged with conspiracy and serious organised crime offences.
All three men made no plea or declaration and were granted bail
Fans shouted at Green as he walked out the main door of the court, accompanied by around a dozen police officers.
He looked shocked and refused to say anything as he was escorted to a waiting car.
Administrator David Whitehouse emerged around 20 minutes later to similar scenes. He was surrounded by personal security guards as angry supporters shouted abuse at the businessman.
Whyte emerged from the court building and was met by scores of furious Rangers fans. They hurled abuse at the former Light Blues owner as he fought his way through the crowds to a car. Like Green and Whitehouse, Whyte was surrounded by police officers.
Whyte took control of the Ibrox club in May 2011 but it went into administration in February the following year.
Green, a former chief executive of Sheffield United, took control at the Ibrox club in 2012 after completing a purchase of Rangers’ assets after it went into administration.
Whitehouse, of Duff and Phelps, ran the club's administration in 2012.
Green stepped down as chief executive in 2013.
Police confirmed three men were arrested yesterday in connection with "an ongoing investigation into an alleged fraudulent acquisition of Rangers FC in 2012."
A Police Scotland spokeswoman added: "A report will be submitted to the procurator fiscal."
Whitehouse, who worked for administrators Duff and Phelps, arrived at Rangers after Whyte put the club into administration.
Meanwhile, Green led the consortium who bought the Ibrox club from the administrators.
Whitehouse was arrested early yesterday in Cheshire by Police Scotland anti-fraud officers.
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