American consortium completes takeover of Rangers Football Club

An American consortium has completed its takeover of Rangers Football Club and announced a £20m investment.

US health tycoon Andrew Cavenagh and 49ers Enterprises, the investment arm of American football team San Francisco 49ers, which also runs Leeds United, have bought 51% of the club’s shares and say they want to usher in a “new era” for the “iconic club”. 

“Our focus is simple: elevate performance, deliver results, and bring Rangers back to where it belongs – at the top”

Andrew Cavenagh, Rangers chairman and health tycoon

The takeover means a transformation of the boardroom at Ibrox and a new leadership team being put in place, with changes throughout the club expected to follow, including the appointment of a new manager, which is expected to happen next week. 

Cavenagh, a businessman with a background in healthcare, will serve as chairman, replacing Fraser Taylor, who will remain on the board. 

Paraag Marathe, president of 49ers Enterprises and current chairman of Leeds United, will be the club’s vice-chairman.  

His appointment has been given the green light by the Scottish FA, who are satisfied that his dual interest in Rangers and Leeds is not multi-club ownership and there is an undertaking there would be no prejudice if the teams were to meet in UEFA competition. 

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In a statement issued by the club on Friday, Cavenagh said: “We are deeply grateful for the trust placed in us by the Rangers board, shareholders, staff, and supporters.  

“This club’s history and traditions speak for themselves, but history doesn’t win matches. We know that the true way to honour the club’s heritage will be to drive performance.  

“Our focus is simple: elevate performance, deliver results, and bring Rangers back to where it belongs – at the top.”

‘New era for this iconic club’

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Chairman Andrew Cavenagh and vice-chairman Paraag Marathe were confirmed in their new roles when the takeover was officially announced on Friday.

Marathe said: “At 49ers Enterprises, we have built a track record of sporting and business success, but our driving motivation is our deep connection to the clubs and communities we serve.  

“We are excited to join Andrew and our other consortium of investors in a new era for this iconic club, and we are determined to build something that supporters can be proud of for years to come.” 

An Extraordinary General Meeting will be held on June 23, when a fresh share issue will be proposed that will allow the consortium and some existing shareholders to invest £20m into the club. 

The new-look board will see fresh faces at the club but also some of the existing hierarchy remain.  

Fraser Taylor will remain on the board despite being replaced as chairman by Cavenagh, with John Halsted and George Taylor, as well as chief executive Patrick Stewart, remaining in place.  

Graeme Park, Julian Wolhardt, and Alastair Johnston are stepping down from the board, with Mark Taber, Andrew Clayton and Gene Schneur all being brought to the table by the new leadership. 

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Fraser Thornton said: “This new ownership phase represents a significant step forward for Rangers FC.  

“The incoming shareholders bring not only funding but also deep expertise in strategic planning, infrastructure development, and sporting excellence.  

“On behalf of Rangers, I also want to put on record our appreciation to the outgoing board members who have selflessly served the club.  

“I also want to acknowledge our major shareholders whose backing has brought the club to this point, the vast majority of whom have chosen to reinvest in the club and continue with us on the next stage of the journey.” 

Patrick Stewart said: “From my earliest conversations with Paraag and Andrew, I have been excited and confident in the shared vision and what it could mean for the future of Rangers.  

“Our focus now is on the hard work ahead, preparing thoroughly for the new season, appointing the right men’s head coach, and ensuring we have the structures in place to support success on the pitch.” 

The announcement brings to an end months of negotiations that began last year but became public knowledge in February.  

After news broke of the potential investment, Marathe said his group were “looking at clubs with the right bones, a history of success and potential for growth.” 

He stressed that any new acquisition would not be considered a ‘feeder’ whose main purpose was to help Leeds develop or produce players for the English game.  

However, he pointed to the benefits of having ownership of multiple clubs, with “what you could share and do on the commercial side, even sometimes on the sporting side”. 

49ers Enterprises began with a 15% stake in Leeds in 2018 and increased that until completing a takeover at Elland Road in 2023. The team was promoted to the English Premier League after winning the Championship this season. 

Former Rangers chairman Dave King, who has sold his 12.96% stake as part of the takeover deal, said in early May that he had been keen to welcome new ownership at Ibrox as the existing regime had suffered “investor fatigue”.  

He believes that the gap to Celtic was too big to bridge just with “local investment from the directors” 

King said that the American consortium were prepared to cover what he believes is a “substantial figure” to fund a rebuild of the playing squad. 

He said: “I’m comfortable enough to say as a supporter, I strongly support this investment into the club.” 

Rangers will now look to recruit new players ahead of next season, with only a short period of time for the new management team to assemble the team they want. 

The new domestic season starts for Rangers on August 2 but the team faces crucial matches before that, with the second qualifying round for the Champions League taking place on July 22/23 and 29/30. 

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