The 30 clubs of the Scottish Football League yesterday voted 25-5 in favour of entering the Ibrox side into the Third Division.
The clubs were voting on whether Charles Green’s newco Rangers should enter the league and which division they should be placed in.
The Scottish Premier League and Scottish Football Association were hopeful Rangers would be parachuted into the First Division, with SFA chief executive Stewart Regan claiming that putting the Ibrox club into the Third Division would bring financial catastrophe and a “slow, lingering death” of the game.
The Ibrox side went into administration in February after British tax authorities lodged a petition over the non-payment of about £9 million PAYE and VAT since Craig Whyte’s 2011 takeover. It later emerged the club’s liabilities could total as much as £135 million.
A CVA with creditors was later turned down by tax authorities — consigning the club to liquidation.
Charles Green’s consortium then completed the purchase of the business and assets of Rangers for £5.5m, creating a new company.
But the SPL voted not to allow it back into top flight football.
McCoist said he fully accepted the decision of the SFL to allow the side to play in the Third Division.
He said: “Clearly, starting again from the bottom league is not ideal and makes the task of rebuilding Rangers a longer one but the SFL was placed in an impossible situation and I respect its decision.
“I fully supported the fans’ views that starting again in Division Three maintains the sporting integrity that the SPL clubs were so keen on.
“Rangers has been severely punished for the actions of some individuals who previously ran the club and it will take time for us to recover but we will come back stronger thanks to the loyalty of the fans and the commitment of everyone at Ibrox.”
Green said: “We are grateful to be accepted as members of the SFL and accept their decision to vote us into Division Three.
“It is a matter of regret for all of us involved with Rangers that the issues surrounding the club resulted in the SFL and its members being placed in a very difficult position not of their own making.
“From the outset, we made clear we would play where we were told to play and we just want to get back to playing football.
“Rangers has been handed the ultimate punishment of starting again from the bottom of the leagues but there is an overwhelming feeling among fans and within the club of ‘wiping the slate clean’ as a club free of sanctions.
“The people who brought shame on this great club are no longer part of it and everyone at Rangers is focused on rebuilding the club on top of a solid financial foundation.
“We are a football club and we just want to get back to playing football.
“Now is the time to move on and start afresh.”
SFL chief executive David Longmuir said the “only acceptable position” was for Rangers to go into the bottom division.
He said: “I’m comfortable today that the Scottish Football League made a very, very decisive decision that was based on sporting fairness and I think the Scottish Football League were in the right place to make that decision.”
However, some concerns were raised about the practicalities of Rangers playing against the likes of Annan Athletic and Peterhead in the country’s lowest league.
Chief Superintendent David O’Connor, the president of the Association of Scottish Police Superintendents, said: “There will be an issue with policing.
“Smaller clubs will never have seen crowds like that. There needs to be early dialogue between Division Three clubs and local police forces.”