Rangers have appointed former club captain Barry Ferguson as their new head coach until the end of the season.

The 47-year-old takes the reins at Ibrox following the sacking of Philippe Clement, who was relieved of his duties on Sunday evening following a disappointing 2-0 home defeat to St Mirren in the Scottish Premiership on Saturday.

Clement departs Rangers sitting 13 points behind Premierships leaders and Old Firm rivals Celtic, while his Gers side were also surprisingly eliminated from the Scottish Cup by second-tier outfit Queen's Park earlier this month, losing 1-0 at Ibrox in the fifth round.

"As confirmed yesterday, Philippe Clement is leaving the club," a statement from Rangers read. "In addition, Alex Rae, Colin Stewart and Stephan van der Heyden are also departing. Rangers FC would like to thank Philippe, Alex, Colin and Stephan for their contribution and commitment. They will always be welcome at the club."

The 50-year-old's dismissal has come at a time when 49ers Enterprises are negotiating a potential takeover of Rangers, and it is understood that it could be completed between April and June.

Rangers have confirmed that "the ongoing football review will continue, and a new, permanent manager will be appointed in the coming months."

In the meantime, Rangers have turned to club legend Ferguson to turn their fortunes around, and he will be joined by coaches Issame Charai, Neil McCann, Billy Dodds and Allan McGregor, while Brian Gilmour will remain at the club "to continue to bridge the gap between the academy and the first team."

Rangers CEO reacts to Clement sacking, Ferguson appointment

Speaking to Rangers' official website, CEO Patrick Stewart said: "Philippe and his team have worked tirelessly during their time in at the club and have played an important role in developing the first team's young players.

"I want to reiterate, the issues we are facing run deeper than the manager. The ongoing football review seeks to address those issues, and we will continue to implement its findings in the coming weeks and months ahead of appointing a new, permanent manager.

"When I spoke to RangersTV last week, I was clear that everyone is judged on results, and nobody will get unlimited time in any role at the club. Ultimately, the team's response following their early exit from the Scottish Cup was a cause for deep concern, leading the board to conclude that action had to be taken now.

"I want to wish Philippe every success in the future. He is a fine man whom I have enjoyed working with in my short time here so far.

"I also want to welcome Barry back to the club. We appreciate him and his team stepping into the role at this difficult time. Myself, the board and the executive team will give them our full support for the rest of the campaign."

Ferguson enjoyed two spells as a player with Rangers, between 1997 to 2003 and then 2005 to 2009, and he made a total of 409 appearances in all competitions, winning five league titles, five Scottish Cups and five Scottish League Cups.

The Hall of Fame member at Rangers is now stepping back into management for the first time since a nine-month spell in charge of Alloa Athletic between May 2021 and February 2022, winning nine of his 33 games in charge during that period.

Ferguson's first two matches in charge of Rangers will be away to Kilmarnock and at home to Motherwell in the Premiership on Wednesday and Saturday respectively, before he will come up against Jose Mourinho's Fenerbahce in the first leg of the Gers' Europa League last-16 clash in Turkey on March 6.