Businessman King led a successful bid to remove the previous board in March and earlier this week the Scottish Football Association (SFA) said they were satisfied he was "fit and proper" to become the club's chairman.
"It has taken much longer than any of us had anticipated to bring about board changes but we have achieved that and I am deeply honoured to become the club's chairman," King said in a statement on the club's official website (www.rangers.co.uk).
"This is a privileged position and I do not take it lightly. Our club is a massive one, a great club and it is my intention to make sure Rangers will now move forward with confidence and great optimism."
King's appointment comes three years after the Ibrox side were placed into administration and liquidation before being forced to re-enter in the lowest professional league in Scottish football.
They lead Hibernian 2-0 after the first leg of the Scottish Premiership playoff hoping to progress to the final against Motherwell where promotion to the top flight is at stake.
(Reporting by Tom Hayward; Editing by Ken Ferris)
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