Rangers to receive £20m investment after new owners' share issue approved

A £20m investment from the US consortium, which took control of Rangers, has been finalised at the club’s Extraordinary General Meeting.

The consortium, headed by health tycoon Andrew Cavenagh and the president of 49ers Enterprises, Paraag Marathe, secured a 51% stake in the club last month.

Part of the takeover plan involved a proposal to issue new shares in the club, which would be bought by the Americans and existing board members to enable a £20m cash investment into Rangers.

The club’s hierarchy has already said that a significant portion will be made available to improve the playing squad at Ibrox.

The creation of shares was approved at the meeting in Glasgow, where the board positions of the new investors were also ratified to usher in a new era at Rangers.

Answering questions from shareholders, the new owners said the priority was on improving things on the pitch, but that they would not rule out an expansion of Ibrox in the future.

Cavenagh said his aim was “sustained winning, and winning sustainably” over the next decade.

Speaking at the conclusion of the meeting, the new Rangers chairman said: “Whether it was in the Q&A today or in media down the road, we will talk about how we will do things differently, and on occasion, we’ll probably accidentally slip in the word ‘better’.

“And I want to make sure that doesn’t come across the wrong way – there are many people that came before us, and nothing that we say in terms of doing things differently should be seen as denigrating any of their efforts.

“This club has been led by some fantastic people who have done everything out of love that they share for the club. They have dipped into their pockets to finance the club, and so we are incredibly grateful to those that came before us and think that the club owes them a debt of gratitude.

“The second thing that I wanted to touch on is that this has been a long process. The first phone call, my sort of lightning bolt moment, was in October. We closed the deal in June, and this is the culmination of that deal today.

“But I want to be crystal clear with everybody here that today, while it represents the end of that deal, it does not represent anything approaching a finish line today; it is the starting line. And we recognise that all that we have done by buying 51% of this club is earn the right to compete, and we intend to compete.

“We don’t think this club needs a caretaker. We think this club needs a catalyst, and we intend to be that catalyst.

“We enjoyed the conversation today. We appreciate the supporters and shareholders taking time out of their busy day to spend it with us and look forward to the future.”

Quizzed on what players would be brought in during what’s expected to be a summer transfer window that sees the squad rebuilt, Marathe said that the club wanted to “keep their efforts private, then surprise people” and that they would need to be “thoughtful and wise” about which signings to make.

It comes on the day when the first team squad begins pre-season training under new head coach Russell Martin.

After completing their takeover last month, Cavenagh and Marathe laid out their plans for the future in an open letter to supporters.

The pair said: “Our goal is to win trophies in Scotland and be able to compete at a high level in Europe, while laying a foundation of financial sustainability for the future.

“As our first step, we are investing fresh capital into Rangers, which will be strategically deployed on and off the pitch. While we recognise the importance of resources, we believe that thoughtful, disciplined investment, guided by a clear strategy, is the path to enduring success. Every decision, whether sporting or business, will be made with the club’s long-term success and sustainability in mind.

“We aim to leverage the full strength of 49ers Enterprises’ sporting expertise and operational experience, and are confident in Patrick Stewart and Kevin Thelwell to lead this next phase.

“Moving forward, we are reconstituting the board to bring in a few new voices and skill sets. We all owe a special thanks to the previous board for their service. They stepped up in a difficult moment when the club needed them and laid the foundation for what comes next.

“Above all, we know that true success comes from understanding and honouring what makes this club special. In our time getting to know Ibrox, Glasgow, and you, we’ve felt the pride, history, and passion that set Rangers apart. You have made it clear what this club means to you, and we take the responsibility of leading this club seriously.”