David Murray admits to being 'pleasantly surprised' at being knighted in the New Year's Honours List.
The Rangers chairman has been awarded the honour for his services to business in Scotland, rather than any sports-related achievements.
He offered his appreciation at receiving a knighthood and was stunned to be informed of the decision.
"It was a pleasant surprise and it's a great honour," said Murray in a statement.
"The award is for business and not sport or charity work.
"I look very much forward to going to Buckingham Palace to receive my award.
"I was obviously involved in business long before football and it is a huge Scottish success story.
"So it's time to thank all the people who have helped me. It is greatly appreciated."
Murray was named Young Scottish Businessman of the Year in 1984 and went on to create Murray International Holdings.
The company is a conglomerate of businesses which cover various interests, while he also set up the Murray Foundation, a charitable organisation for amputees in Scotland.