Rangers' lead legal advisers have released a statement after the Ibrox takeover.
A&O Shearman published correspondence on their website detailing their role in the "transformational majority acquisition" by the US consortium.
Andrew Cavenagh becomes Rangers chairman with 49ers Enterprises key figure Paraag Marathe becoming vice-chairman as part of a new-look leadership group.
A&O Shearman confirmed the board changes after they were first released by the club when the deal was officially announced.
The legal advisers then reveal the £20m investment in the club will come from both input from the new consortium owners and "certain existing shareholders".
The money will be used as a main driver to improve the Rangers first-team in the transfer market.
The statement confirms: "The investment, which is subject to shareholder approval at a General Meeting in June, is expected to be deployed to support the club’s core strategic priority of strengthening its first-team squad."
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A statement from the legal advisers read: "A&O Shearman is proud to announce its role as lead legal adviser to Rangers International Football Club plc on its transformational majority acquisition by a consortium of investors led by Andrew Cavenagh and 49ers Enterprises Global Football Group. The consortium has acquired a majority 51% stake in Rangers, marking a new era for one of the world’s most storied football clubs.
"The transaction, which includes a primary capital investment into Rangers by the consortium and certain existing shareholders, will drive the club’s strategic vision of elevating on-pitch performance and ensuring long-term financial sustainability. The investment, which is subject to shareholder approval at a General Meeting in June, is expected to be deployed to support the club’s core strategic priority of strengthening its first-team squad.
"Andrew Cavenagh, a seasoned business leader and healthcare executive, will serve as chairman, working closely with Paraag Marathe, president of 49ers Enterprises, who joins as vice chairman. The club’s CEO, Patrick Stewart, will remain on the board along with existing chairman, Fraser Thornton, and existing non-executives John Halsted and George Taylor, and will be joined by new directors Mark Taber, Andrew Clayton, and Gene Schneur.
Matthew Hamilton-Foyn, a partner at A&O Shearman said: “We are very proud to have supported Rangers on this landmark transaction, which brings together the club’s exceptional management team with investors who bring not only capital but also deep expertise in strategy, infrastructure development and sporting excellence, setting the stage for an exciting new era for the club.
"It has been a privilege to support Rangers’ leadership and shareholders to help secure a bright future for a club with a rich and celebrated footballing heritage.”
