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The vote to bring in £20m of investment into the Ibrox club was passed on Monday morning Rangers shareholders have given approval for the club's new American owners to invest £20m into the club, with new chairman Andrew Cavanagh pledging they are at Ibrox "for the long haul". At an extraordinary meeting in Glasgow, the four resolutions tabled were voted through with 98% of shareholder backing. One of those was for extra cash pledged by healthcare entrepreneur Cavenagh and his consortium, which includes the investment arm of NFL club the San Francisco 49ers, to be allowed to come into the Scottish Premiership club. Another was for Rangers to be re-registered as a private limited company rather than publicly listed. AEK set deadline for move for Rangers' Dessers - gossip Fine for Rangers is 'in keeping with rules' - SFA 'Martin to prove right for Rangers in six months' Cavenagh became Rangers' new chairman and Paraag Marathe - the Leeds United chairman - was installed as vice-chairman after the takeover was completed last month. Asked why he has invested in Rangers, Cavenagh said there were three reasons: the "supporters' passion", the stadium - "Ibrox is our castle and it gives the team an advantage" - and "the competitions they play in - the league, the cups and Europe". Rangers, runners-up last season, have won the Scottish Premiership once in 14 years dominated by city rivals Celtic. Cavanagh said the controlling groups ambition is "to put the club in the position to win the league, win cups and be more competitive in Europe". He also added that he and his fellow investors are focusing on building the club rather than how they might realise any profit. "[We have] no exit plan but a growth plan, " he said. "We'll figure out exit plan after growth. " Kevin Thelwell also joined as sporting director from Everton this summer, with former Southampton manager Russell Martin arriving soon after as head coach and looking to reshape the squad. When asked about how the £20m will be spent, Cavenagh said: "We will be transparent where we can be, but we will be opaque in other areas and this is one. " The Rangers squad arrived for pre-season on Monday, with Martin's first competitive game set to be against Panathinaikos in Champions League qualifying next month. Marathe, who also holds a senior executive position with the San Francisco 49ers, said he would oversee a period of change at Ibrox. He told the EGM audience that he "has a deep expertise in running sporting organisations and turning them around". Visit our Rangers page for all the latest news, analysis and fan views Get Rangers news notifications in the BBC Sport app Rahul reaches century as India start to take game away from England Gilgeous-Alexander guides Thunder to NBA glory Lions demand Australia stars play in tour games Cillian Murphy stars in 28 Days Later Healing from grief to find love again Preview Zara Mc Dermott's investigation into modern stalking How the 1995 Rugby World Cup united the new South Africa 'Aberdeen savour the most perfect game ever played' How Mc Tominay became a Napoli icon after Man Utd exit Scotland men's internationals to be shown live on BBC Commonwealth Games: Why is it so special to be part of Team Scotland? From titles to tinpottery - rank Scotland's top 10 clubs 'Fearless and brutal' - Top 10 Lions icons ranked Brook misses out on century as first Test finely poised on day three. Video Brook misses out on century as first Test finely poised on day three 'Like talking to Andy Murray' - impressionist quizzes tennis stars. Video'Like talking to Andy Murray' - impressionist quizzes tennis stars The Stevenage tennis player who is Taiwan's No 1 What do you remember about the 2013 Lions tour? Why Alcaraz is 'red-hot favourite' for third Wimbledon title Have the Club World Cup's innovations been good or bad? Alcaraz hits 'ridiculous' volley winner. Video Alcaraz hits 'ridiculous' volley winner 'Hope you get cancer' - Boulter shares her online abuse with BBC 'The tumult in the Ingebrigtsen fairytale was never far from the surface' Ask Me Anything, the BBC Sport service designed to serve you Copyright © 2025 BBC. The BBC is not responsible for the content of external sites. Read about our approach to external linking.