Rangers' decision to keep manager Philippe Clement despite the "disastrous" Scottish Cup loss to Queen's Park is about "the long-term interests of the club, not to save money", according to chief executive Patrick Stewart.

Stewart spoke in a club website interview just hours before Rangers responded to a newspaper report claiming takeover talks with a consortium backed by San Francisco 49ers president and Leeds United chairman Paraag Marathe are at an advanced stage.

"It is not our policy to comment on speculation," a spokesperson told PA Media. "If there were any such discussions, these would remain confidential."

The Ibrox defeat by Championship side Queen's Park intensified pressure on Clement, with Rangers also trailing Celtic by 13 points in the Premiership.

Rangers have, however, reached the last 16 in the Europa League, another reason cited by Stewart for sticking with the Belgian.

"We have been underperforming for several seasons now and that's not down to a manager," he said. "We have changed the manager and it has not made a difference.

"Until we sort the root causes, then it's akin to trying to fix a broken house and starting with the ceiling instead of starting with the foundations.

"For all that the Queen's Park result was disastrous, we do also have to give credit to Philippe and the team for the Europa League run. I don't want to take a step that would put further progress in the Europa League at risk."

Stewart added: "I'm not here to make popular decisions and get quick wins. I do not want to repeat the mistakes of the past."

Asked if the club's finances make it difficult to remove Clement, Stewart replied that was "absolutely not the case".

"I've said consistently that we are not refusing to make changes because of finances," he said.

"To keep somebody in a position to avoid a termination payment is a false economy. That's not a way to run a club.

"Decisions have been made for the long-term interests of the club, not to save money.

"We've got to stick to the plan, but there are no free passes. We are all judged on results."

Stewart has been conducting an internal review since taking up his post in mid-December and revealed the club are now seeking a sporting director.

"That role will put somebody right at the top of the football tree," he said. "They will be responsible for the men, women, academy, medical and performance and recruitment."

Stewart stressed that current technical director Nils Koppen has "performed really strongly in player recruitment", adding that his remit will be "squad planning" for the men and women at Ibrox.

The chief executive repeated that the purpose of his ongoing review is to "make sure we get the foundation stones correct".

He added: "It's going to be tough, but, if we do the right things in the right order, I'm confident we will get there.

"Just to be clear, I mean winning, not coming second."