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A US-based consortium, including the investment arm of the San Francisco 49ers, has completed a multi-million pound takeover of Rangers.
The group, led by private healthcare tycoon Andrew Cavenagh, has bought 51% of the Ibrox club following months of negotiations.
The club says £20m of new investment will be made available in the summer following a share issue.
Cavenagh will be confirmed as the club's new chairman at an annual general meeting at the end of June. His vice-chair will be the current chairman of Leeds United, Paraag Marathe.
The takeover has been granted approval from the Scottish Football Association after discussions around dual interest, with 49ers Enterprises holding full control at Leeds.
"The consortium will chart a new strategic vision for the club's future prioritising on-pitch performance and long-term financial sustainability," Rangers said in a statement.
Mark Taber, Andrew Clayton and Gene Schneur will become new board members, with Patrick Stewart remaining as chief executive.
Current board members Fraser Thornton, John Halsted and George Taylor will stay on as Graeme Park, Julian Wolhardt and Alastair Johnston step down.
"We are deeply grateful for the trust placed in us by the Rangers board, shareholders, staff, and supporters," Cavenagh said.
"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."
Cavenagh and Marathe, president of 49ers Enterprises, "will oversee all aspects of the club" with new sporting director Kevin Thelwell officially starting his role on Monday.
Rangers are in the final stages of their search for a new manager, with departing Real Madrid assistant Davide Ancelotti and former Southampton boss Russell Martin understood to be the leading candidates.
"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," said Marathe.
"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."
Chief executive Stewart said: "From my earliest conversations with Paraag and Andrew, I have been excited and confident in the shared vision and what it could mean for the future of Rangers."
Thornton added: "I also want to acknowledge our major shareholders whose backing has brought the club to this point, the vast majority of whom have chosen to reinvest in the club and continue with us on the next stage of the journey."
Given the months of speculation, the takeover announcement comes as no surprise, but what it does give us is the first glimpse of what the new consortium are all about.
The fans have been forced to endure another season of Celtic dominance but, for them, the impending takeover has provided some light at the end of what has seemed like a tunnel with no end.
This is a fanbase bruised and battered by placing faith in saviours who, in recent years, promised a lot and delivered little. They should be forgiven for casting a suspicious eye over any group or individuals who claim that this time it will be different.
In that respect, the new group have said very little so far, but the news of a £20m investment will be broadly welcomed. Where that money comes from and how it will be spent are now key questions for those who want to believe that a new era of success has begun.
Those who hoped that the entire might of the San Francisco 49ers would be thrown at Ibrox on day one might, perhaps, be disappointed. However, that was never going to be the case.
It is £20m the club didn't have last week, but will it be enough to provide the immediate success the supporters crave?
Throwing money at footballing problems is only part of the answer. This new group feel their expertise will be as important as their financial muscle, and that will be interesting to monitor going forward. The takeover announcement is a milestone on a much longer journey.
Now it's about laying the rest of the path and proving with actions that they'll deliver what the fans have demanded for so long - the dominance of Scottish football.
