Rangers will demand a six-figure compensation package for chief executive James Bisgrove after he accepted a big-money move to Saudi Arabia.

The Ibrox board confirmed the departure of Bisgrove in a statement on Thursday evening as John Bennett assumed the role of executive chairman to oversee the transfer window and the transition into another new era in the corridors of power.

Bisgrove informed the Ibrox hierarchy of his decision to leave in recent days and the Rangers Review can reveal discussions over a financial deal are ongoing. It is understood that Rangers will seek a six-figure sum for Bisgrove to make the move to the Middle East as soon as possible.

Bennett and his board are committed to ensuring Rangers press ahead with their plans for the summer window as they prepare to back Philippe Clement's blueprint in the coming weeks. The Rangers Review understands the board are in no rush to appoint a successor and will consider their options in due course as Bennett and the remaining executives continue their work behind the scenes.

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Bisgrove was promoted to the role of chief executive last summer as Bennett oversaw a significant reshape of the executive team at Ibrox. Stewart Robertson left his position as managing director, while the likes of Andrew Dickson and Kenny Barclay also headed for the exit following Bennett’s rise to chairman in the aftermath of the resignation of Douglas Park.

Bisgrove made the move to Glasgow as commercial and marketing director five years ago and has also had stints at UEFA, Emirates Airlines and Betfair. He will now take up a position in Saudi just days after the end of a frustrating campaign that saw Clement’s side miss out on the Premiership title and lose the Scottish Cup final to Celtic.

“I would like to thank James for the work he has done at the club over the last five years as Commercial and Marketing Director, and latterly, as our CEO,” Bennett said. “Our commercial revenues grew significantly under James’ leadership, while in the last year, he was an integral part of the off-field restructuring the club has implemented.

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“The executive team James helped shape has firmly established itself and I fully expect its momentum to be uninterrupted. We wish James every success with his new role.”

Bennett’s role as executive chairman will see him move front and centre of Rangers’ transfer business in the coming weeks as Clement builds his squad for the new campaign. He is joined on the Ibrox football board by Clement and Nils Koppen, the director of football recruitment, as well current executives as James Taylor, Creag Robertson and Karim Virani.