The consortium has committed to invest £20 million into the club initially subject to shareholder approval.

Cavenagh will serve as Board Chairman whilst Paraag Marathe joins the Board as Vice Chairman and is the President of 49ers Enterprises, a sports investment entity also led by San Francisco 49ers CEO Jed York. 

Speaking on the deal Andrew Cavenagh said: "We are deeply grateful for the trust placed in us by the Rangers Board, shareholders, staff, and supporters. This club’s history and traditions speak for themselves, but history doesn’t win matches. We know that the true way to honour the club’s heritage will be to drive performance. Our focus is simple: elevate performance, deliver results, and bring Rangers back to where it belongs - at the top."

Paraag Marathe said: “At 49ers Enterprises, we have built a track record of sporting and business success, but our driving motivation is our deep connection to the clubs and communities we serve. We are excited to join Andrew and our other consortium of investors in a new era for this iconic club, and we are determined to build something that supporters can be proud of for years to come.”

The 49ers Enterprises also own Premier League bound Leeds United.

Their first priority at Rangers will be to appoint a permanent manager, before trying to bridge the gap to their fierce Glasgow rivals Celtic, who dominated the SPL last season.