The parent company of is set to undergo a name change following their monumental takeover. They will transition from a public to a private company - pending shareholder approval later this month.

Since November 2012, the Ibrox team has been known as 'The Rangers International Football Club PLC', but will soon be recognised as 'Rangers International Football Club Limited'. Their name change will begin a new era under chairman Andrew Cavenagh and the 49ers enterprises - led by vice chairman Paraag Marathe - if approved at the club's forthcoming Extraordinary General Meeting (EGM) scheduled for June 23 at the Doubletree Hilton in Glasgow.

A 75 per cent approval rate is required for the name change to be ratified. Despite their PLC status, Rangers were not publicly listed on the stock exchange.

They will now become an LTD, a move which prevents shares from being offered to the public and provides an additional layer of control for the new regime. The transition to the LTD company is included in the EGM as shareholders are informed about what they are voting on.

The allotment of nominal shares, the price of which has been set in recent years for directors investing in Ibrox, is covered by the significant announcement made on Friday, reports

The club is entering a new era with nine appointments to the revamped board, with Cavenagh and Marathe at the helm. Patrick Stewart, Eugene Schneur, Andrew Clayton, Mark Taber, Fraser Thornton, John Halsted and George Taylor are the seven other individuals who will play crucial roles.

The group of investors came together to purchase a 51 per cent controlling stake in the Glaswegian giants. Talks for the takeover began last October, but it was confirmed on May 30, after the Scottish FA approved the deal.

In an open letter to the Rangers supporters, Cavenagh and Marathe said: "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."