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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, so it's a win-win situation for us," he said.

"Superleague Formula will introduce the passion of the Rangers brand to a new range of fans, and we're proud to represent Scotland in the new venture.

"The club has enjoyed some fantastic European nights of late, and we look forward to competing against some of the biggest names in world football in Superleague Formula."

Alex Andreu, president and CEO of Superleague Formula said he was delighted to have the club on-board.

"Rangers is a perfect addition for us," he said.

"Not only has the club been wildly successful throughout its history, but the Rangers fans are incredibly passionate."