Published Tuesday, 12 June 2012
Rangers has been battling financial woes which are threatening the club's future (© Getty)
The decision was confirmed on Tuesday by the leader of the Sevco consortium, which is trying to acquire the Scottish club.
Charles Green said he was hugely disappointed by the lack of support from HMRC for the CVA proposal.
"That disappointment will be felt acutely by Rangers fans across the world," he added.
HMRC are owed more than £21m and believe the decision is the best way to pursue individuals over the debt.
The new company will be free from claims or litigation in a way which would not be achievable with a CVA. Rangers can make a fresh start.
But, while Rangers could then make a fresh start as a new company, they would have to apply to re-enter the SPL and the club would be barred from competing in Europe for three years under UEFA rules.
Green said he failed to see the benefits of the decision.
"I can understand HMRC deciding that football clubs which do not pay their taxes need to be punished, but by effectively banning Rangers from Europe for three years, all that will happen is that there will be less revenue generated by the club and consequently less money paid over to the taxman," he said,
"Also, I do not believe that by opting to vote against the CVA proposal, HMRC will generate more cash by pursuing those they believe as responsible - but that is a matter for them."
Green added that he would explore ways to allow the club's 26,000 shareholders to buy into his new company.
"The solemn promise I can make to Rangers fans today is that this club will continue as Rangers Football Club and will continue to play at Ibrox Stadium," he said.
"We will be liaising with the football authorities at the earliest opportunity to establish our position regarding the SPL.
"I, along with my investors who believe that Rangers can have a bright future, will fight tooth and nail to ensure the club recovers from this catastrophic phase in its proud history.
"The fans deserve better and we will work tirelessly to realise their ambitions."
Rangers' administrators, Duff and Phelps, confirmed a "binding" sale and purchase agreement with Green would now come into effect.
The club was forced into administration in February by court action taken by HMRC over the failure to pay millions of pounds in tax after Craig Whyte's takeover in May 2011.
© UTV News