During his initial stint as the Rangers boss, Beale managed to secure victory in 22 out of his first 28 matches across all competitions in the previous season. However, despite these successes, the team finished the season without any trophies and secured second place in the Scottish Premiership, trailing behind their rivals Celtic.
In an attempt to regain their dominant position in Scottish football, Beale orchestrated a significant revamp of the first-team squad during the summer transfer window, investing approximately £15 million in nine new players while seeing 14 others either leave on permanent deals or go out on loan.
Unfortunately, the revamped squad under Beale's leadership struggled to perform as expected in the early stages of the current season. The team suffered a heavy 7-3 defeat to PSV Eindhoven in the Champions League qualifying rounds, followed by a loss to Kilmarnock in the Premiership on the opening weekend, which heightened the pressure on Beale.
Despite a brief period of stability with four consecutive wins, their latest setback, a 3-1 home defeat to Aberdeen, ultimately led to Beale's departure. This decision came just two and a half weeks after Beale had expressed confidence in his future at the club.
In addition to parting ways with Beale, Rangers have also terminated the contracts of coaches Neil Banfield, Damian Matthew, Harry Watling, and Jack Ade. The club has appointed 38-year-old midfielder Steven Davis to lead the interim management team, which includes Alex Rae, Steven Smith, Brian Gilmour, and Colin Stewart.
A statement released on Rangers' official website confirmed these developments:
"Rangers Football Club can confirm it has parted company with men's first-team manager, Michael Beale.
"The Rangers board would like to put on record their thanks to Michael and his staff for their efforts since joining the club last November.
"Results this season have fallen short of what everyone connected to Rangers would expect.
"Therefore, the decision was reached today to terminate the contract of the manager, as well as the contracts of coaches Neil Banfield, Damian Matthew, Harry Watling and Jack Ade.
"The club is pleased to announce that Steven Davis will lead the interim management team.
"The team will consist of former Rangers player and hugely experienced coach Alex Rae, former Rangers player and current coach Steven Smith, coach Brian Gilmour, and goalkeeping coach, Colin Stewart."
Rangers chairman, John Bennett, added: "I'd like to thank Michael for his dedicated work since he re-joined the club as manager last November.
"It is clear that results have fallen well short of the board's, Michael's and our supporters' expectations.
"The search process for the new manager is already underway. I wish Steven Davis and the interim management team every success - they will remain in charge for as long as it takes to make the right appointment."