New faces in the boardroom and the hunt for a new boss... everything you need to know about the Rangers takeover
The long wait is over. Confirmation that an American consortium has taken control at Rangers sees one chapter in the story of the Ibrox club end and another begin.
News that the group of businessmen, led by healthcare tycoon Andrew Cavenagh and 49ers Enterprises, are prepared to invest £20million by purchasing newly issued shares will excite the club's supporters at the end of another barren season.
With significant changes at boardroom level, the consortium has pledged to 'chart a new strategic vision for the club's future, prioritising on-pitch performance and long-term financial sustainability.'
But who are the new faces who will sit alongside new chairman Cavenagh and vice Paraag Marathe?
What obstacles had to be overcome for the deal to be struck? And what does the future now hold?
Here Mail Sport's JOHN McGARRY provides the answers to all the pertinent questions on a momentous day for Rangers.
How and when was the deal completed?
After months of negotiations, the club changed hands just after 11pm on Thursday night when the Americans bought a 51-per-cent controlling stake. With many of the parties involved in different parts of the world, and e-signatures being remotely exchanged, there was no champagne moment as such.
Are there any barriers still to overcome?
Not in terms of the change of ownership. It only happened because the Scottish Football Association had confirmed that it had no objections in terms of dual ownership. There were some concerns that Marathe, who's the chairman of Leeds, is a key figure. But the SFA were happy that it's not a multi-club ownership model. Rangers and Leeds are separate entities with different structures at boardroom level and will function independently.
The SFA are satisfied there would be no issue if Rangers and Leeds played in the same European competition in future. There's no conflict of interest with Marathe being the new Ibrox vice-chair.
Is the £20m an investment a one-off and how will it be spent?
It's an 'initial' investment which needs to be approved at a General Meeting on June 23 although this will be a formality.
There's no promise of more to come, but there's an expectation that this will be the case.
It will predominantly be spent rebuilding the first-team although some may be earmarked to improve infrastructure in the short term.
Given chairman Cavenagh's commitment to 'laying a foundation of financial sustainability for the future', it can be taken that Rangers will seek to sign players who can deliver in the here and now but be sold for a substantial profit further down the line.
Why was it felt necessary to invest via fresh share capital as opposed to simply spending the money?
There would actually be nothing stopping a new owner simply writing a cheque for £20m, but doing it via the buying of freshly issued shares is just better all round.
For a start, buying shares is not a loan. It's also better from a balance sheet perspective when you have to be mindful of UEFA's financial fair play regulations. It's just a stronger investment.
Who are the new faces in the boardroom?
Cavenagh, who succeeds Fraser Thornton as chairman, is a successful entrepreneur, best known in the US for founding healthcare insurance companies including ParetoHealth, which now boasts a million customers.
The new vice chairman is Marathe, who'll balance his duties at Ibrox with those at Leeds, where he's currently chairman and San Francisco, where he currently serves as both president of 49ers Enterprises and Executive Vice President of Football Operations.
Eugene Schneur, a fellow American, started working life as a mergers and acquisitions attorney before moving into the real estate sector, specialising in affordable housing. He's a board member and co-owner of Leeds.
Andrew Clayton is a co-founder and vice chairman of ParetoHealth and a colleague of Cavenagh. Mark Taber is a managing director and member of the executive and investment committees at Great Hill Partners, a Boston-based growth equity firm.
In terms of the new shares, who owns what?
The finer details of exactly how the 51 per cent have been acquired have yet to emerge. All that's known is that between them the consortium have a majority stake.
In practical terms, how will the day-to-day running of the club work?
Chief executive Patrick Stewart is based in Glasgow and will lead the executive team. Although he's no longer chairman, Thornton remains on the board and will help with day-to-day operations.
Many of the board are spread far and wide. Cavenagh is based in Pennsylvania, Marathe will split his time between Glasgow, Leeds and San Francisco. Schneur's family reside in Miami. Taber is based out in Boston. But in the age of Zoom, it's not so much of an issue these days.
Cavenagh will seek to be present at as many Rangers matches as possible.
Are any of the old guard still involved?
As well as Thornton and Stewart, John Halsted, the Wyoming-based private equity investor, stays as a director together with George Taylor, the Hong Kong based investment banker.
Graeme Park, Julian Wolhardt and Alastair Johnston are stepping down from the board but remaining shareholders. Dave King and John Bennett have sold up and now have no official connection to the club.
Is there a role for Gretar Steinsson?
Not officially. The Icelander will continue as technical director with 49ers Enterprises. However, he's been helping recruit the new head coach and will continue to assist Rangers ' new Sporting Director Kevin Thelwell from afar.
Will there be fans' representation on the board?
Not as things stand. But there's a strong commitment by the new board to ensure that engagement through things like the fan advisory board and working groups is a cornerstone of the club moving forward.
Aside from investing in the first team and getting a player trading model properly up and running, how will the new regime hope to move the club forward?
Making better informed decisions in the transfer market is the main focus. The £20m investment will help accelerate that process. It gives stability.
But there's a belief that 49ers Enterprises's expertise on the commercial and business support side of the operation will also help to build the business. They know what they're doing in terms of infrastructure investments. But it won't be just putting a new hospitality suite in here and there. They're in for the long haul.
Where do we stand in terms of appointing a new manager?
The final rounds of talks with the remaining candidates will take place over the weekend with an announcement likely at the start of next week once Thelwell officially starts his new job.
Davide Ancelotti is the front-runner. Both parties are on the same page and there is a willingness to get a deal done.
However, Russell Martin, Francesco Farioli and Brian Priske are not yet out of the running.
Steven Gerrard is apparently out of the race, though, after deciding to stay in the Middle East.
What's the reason behind making the company private?
Rangers has been an unlisted plc for over a decade so it's not been subjected to certain reporting requirements. The move to take the company private is to make it more agile in terms of investment.
There will be the same levels of transparency and shareholders will still get to vote on key resolutions. But Rangers would not necessarily have to do that in the form of a General Meeting.
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