Rangers under new ownership after completing deal with US consortium
Rangers are under new ownership after an American consortium, including 49ers Enterprises, completed a deal to buy 51% of the club late on Thursday night. Andrew Cavenagh becomes the new chairman at Ibrox, with Paraag Marathe, the president of 49ers Enterprises and chairman of Leeds, the vice-chairman. The Scottish Football Association has approved the takeover, with the club keen to stress they are not part of a multi-club model.
49ers Enterprises is the investment arm of the San Francisco 49ers NFL team. An extraordinary general meeting in late June will approve plans for a new share issue, through which the US-based group will invest £20m into Rangers. That is primarily earmarked for transfer dealings as they seek to wrestle back control of Scottish football from their city rivals Celtic. Funds so far have been spent securing shares, including from previous chairmen Dave King and John Bennett. Mark Taber, Andrew Clayton and Gene Schneur will join the Rangers board. Patrick Stewart, the chief executive, Fraser Thornton, John Halsted and George Taylor will remain as directors but Graeme Park, Julian Wolhardt and Alastair Johnston are stepping down.
'The consortium will chart a new strategic vision for the club's future prioritising on-pitch performance and long-term financial sustainability,' read a Rangers statement. As part of this process, the club are expected to move from an unlisted public limited company to a private one.
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.'
Rangers remain in the market for a new manager after the sacking of Philippe Clement in February. Gretar Steinsson, who holds a key role within 49ers Enterprises, has been heavily involved in the recruitment process. Davide Ancelotti, son of Carlo, appears to be in pole position to succeed Clement but has been pushing for a swift decision from Rangers amid supposed interest from other clubs. Russell Martin, Francesco Farioli and Brian Priske are also known to have held talks with Steinsson.
With Kevin Thelwell to formally start his job as sporting director of Rangers on Monday, a new manager is likely to be confirmed next week.
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