Philippe Clement has paid the price for a dismal domestic campaign in charge of Rangers after just 16 months in post.

A board meeting was held at Ibrox less than 24 hours after the 2-0 home loss to St Mirren, when the decision was taken to axe the 50-year-old Belgian, with compensation thought to be more than £1 million.

The surprise defeat to the Buddies left Rangers 13 points behind league leaders Celtic, and facing the prospect of a trophy-less season.

Coming hard on the heels of the shock Scottish Cup exit at the hands of Championship minnows Queens Park, the board were stung into action despite Clement having previously won the backing of chief executive Patrick Stewart.

An official club statement said: “Rangers Football Club can confirm it has tonight parted company with men’s first-team manager, Philippe Clement.

“The club would like to put on record their sincere thanks to Philippe for his hard work and dedication during his spell in charge.

“A further update from the club will follow in due course.”

An interim appointment until the end of the season appears the most likely scenario, with former players Barry Ferguson, Steven Davis, Kevin Thomson and Neil McCann all linked with the post.

Clement replaced Michael Beale in October 2023 and hopes were high among the Ibrox faithful that he would herald brighter times for Rangers. While they are through to the last 16 of the Europa League where they face Fenerbahce next month, a lack of progress on the domestic front has been his downfall.

He won the League Cup two months after his appointment but finished eight points behind champions Celtic last season and struggled to launch any kind of real challenge to the Hoops this season.

Rangers could have new owners by the summer with 49ers Enterprises negotiating a potential takeover which could be completed by June.