Rangers had been accused of leaving clubs out of pocket while splashing cash on players, but Green told the Rangers website: "As of now, Rangers do not owe other Scottish clubs a penny.

"These debts were incurred prior to the club going into administration and there was no obligation on the consortium buying the club to pick them up.

"From the outset, I have made it clear that I firmly believe the correct thing for the club to do is settle these football debts as a priority and we kept our word."

Green took over at Rangers by creating a new company to run the business after the old club entered administration.

But payment of the bills was part of the agreement that allowed Green's consortium to acquire Scottish Football Association membership, which is needed to play league and cup games.

"That is what we have done and substantial funds were lodged with the SFA 10 days ago to be discharged to settle the outstanding debts," Green said.

Rangers confirmed further payment owing to Hearts from Scotland international Lee Wallace's transfer to Ibrox would be completed in July next year.