Former Rangers chairman Alastair Johnston has said that Dave King's takeover of Rangers will be welcomed by Celtic and the rest of Scottish football.
King finally took charge of the Scottish Championship club at their extraordinary general meeting yesterday after receiving 85% support from shareholders.
"I think this will help Celtic," Johnston told BBC Sport.
"It gets competition back in there and that's what's good for Scottish football. Once the club recovers, which it will do, it is not only great for Rangers Football Club.
"I've talked a lot to [Celtic majority shareholder] Dermot Desmond over the years and, without breaching any discussions, it's not been in Celtic's best interests from a business standpoint and their ability to invest.
"I think that, deep down, Dermot will be very happy today. I am not speaking for him. That's my opinion."
Rangers are currently 24 points behind Hearts in the Scottish Championship, and it looks likely that they will require a playoff victory to return to the top division next season.