Rangers are Britain's only representatives in the 12-team field
Rangers have diversified into motorsport's Superleague Formula in order to boost the club's worldwide profile and bring in extra revenue.
The team's V12 car will compete with 11 other European and South American football clubs in the six-round series.
"We're thrilled to be entering a totally new sporting endeavour," said Rangers chief executive Martin Bain.
"It's a project which will promote Rangers across the world, and provide an income stream for the club."
The other clubs involved are AC Milan, PSV Eindhoven, Porto, Olympiacos, Borussia Dortmund, Anderlecht, Basle, Galatasaray, Sevilla, Flamengo and Corinthians.
The 750-horsepower Rangers car will carry the club's livery and will make its debut at Donington Park in August.
Bain believes the move will bring in more funds to strengthen footballing operations.
"We'll benefit greatly through sponsorship, television and spectator revenues,
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