Rangers captain Steven Davis admits he 'agonised' over the decision to reject having his contract transferred to a newco but did so for the benefit of his career.
The Northern Ireland midfielder became the latest player to refuse to the transfer on Tuesday, following in the footsteps of Allan McGregor, Kyle Lafferty and Jamie Ness.
Steven Naismith, Steven Whittaker Rhys McCabe and Sone Aluko had already decided to snub the offer of a transfer to Charles Green's newco, which was set up in the wake of the original 140-year-old club's liquidation earlier this month.
The new Rangers are set to begin the new campaign in the Scottish Football League, with SPL clubs poised to reject their application to play in Scotland's top flight in a ballot next week.
Davis admits his desire to continue his career in top-flight football was the key factor behind is decision, but stressed it was not one taken lightly.
"I have never been one to shout my mouth off. Only those that know me will know how much Rangers mean to me. I felt it was only right to give the fans an explanation of how I've agonised so much over this decision," he said in a statement.
"I signed a new contract last year in the knowledge of giving my best years to the club with European football and challenging for leagues & cups year after year, that's why I came to Rangers.
"My young family love life in Scotland but after all that's gone on since going into administration in February there comes a point when I needed to make a decision based on what was best for my short career. I am 27 and I hope you all understand I need to be playing at the highest possible level.
"I have had a great relationship with everyone at the club, from the fans to management right through to the tea ladies since the day I walked through the door at Murray Park.
"Hopefully, I've repaid everyone by playing my part in teams that have won eight trophies and a European final in my four-and-a-half years at Rangers.
"I've been lucky enough to not only play for but captain my boyhood heroes and no matter what I achieve in the future I'll look back at the time I spent with the club as some of the happiest years of my life.
"I would like to thank Walter Smith, Ally McCoist, Kenny McDowall, Ian Durrant and Ewan Chester for bringing me to Ibrox and indeed everyone associated with the club and wish everyone well."