RANGERS boardroom leaders Andrew Cavenagh and Paraag Marathe are prioritising the search for a new head coach after completing a takeover of the Ibrox club.

The Govan outfit announced today afternoon that a consortium of investors, led by Cavenagh and 49ers Enterprises, had purchased a majority stake in the club.

United States-based healthcare executive Cavenagh will replace Fraser Thornton as chairman, while Marathe, who is Leeds chairman and president of 49ers Enterprises, becomes vice-chairman.

Chief executive Patrick Stewart remains in place and Kevin Thelwell will officially join Rangers as sporting director from Everton on Monday, although he has been working in the background on the search for a new head coach.

Outgoing Real Madrid assistant manager Davide Ancelotti is the front-runner, with Russell Martin’s name also in the frame, although nothing is expected to happen over the weekend.

The new man in charge could soon have a cash injection to rebuild his squad, with the ownership consortium planning a £20 million investment in June on top of buying out a number of shareholders.

An open letter from Cavenagh and Marathe to Rangers supporters read: “We are proud to be entering a new chapter for this extraordinary club. This moment is the result of months of thoughtful discussions with club leadership and our shared confidence in Rangers’ success going forward.

“To that end we’d like to tell you a bit about our thinking.

“Simply put – our goal is to win trophies in Scotland and be able to compete at a high level in Europe, while laying a foundation of financial sustainability for the future.

“As our first step, we are investing fresh capital into Rangers, which will be strategically deployed on and off the pitch.

“While we recognise the importance of resources, we believe that thoughtful, disciplined investment, guided by a clear strategy, is the path to enduring success.

“Every decision, whether sporting or business, will be made with the club’s long-term success and sustainability in mind.

“Our first priority together is clear: hiring a new men’s head coach. That process is already well under way, and we look forward to sharing more updates soon. We will also look to invest in talent for our teams.

“Moving forward, we are reconstituting the board to bring in a few new voices and skill sets. We all owe a special thanks to the previous board for their service. They stepped up in a difficult moment when the club needed them and laid the foundation for what comes next.

“Above all, we know that true success comes from understanding and honouring what makes this club special. In our time getting to know Ibrox, Glasgow, and you, we’ve felt the pride, history, and passion that set Rangers apart.

“You have made it clear what this club means to you, and we take the responsibility of leading this club seriously.”