Rangers to officially change name after takeover by US consortium completed
After the club were taken over by a US led consortium, Rangers are set to undergo a name-change, in a move which is provoking a lot of curiosity
The parent company of Rangers FC is looking to rebrand following their acquisition of the club. The takeover of the Scottish giants by the US led consortium was officially completed on May 30.
The takeover group, that is led by healthcare tycoon Andrew Cavenagh, purchased a 51 per cent controlling stake at the Glasgow giants, after the Scottish FA approved the move. The new owners are overseeing a transition from a public to a private company, pending shareholder approval later this month.
Since November 2012, the Ibrox team has been known as 'The Rangers International Football Club PLC', but will now trade under the name 'Rangers International Football Club Limited'.
This change ushers in a new era under chairman Cavenagh and 49ers enterprises, led by vice-chairman Paraag Marathe.
The proposed shift will be put to a vote at the club's forthcoming Extraordinary General Meeting (EGM), set for June 23 at Glasgow's Doubletree Hilton. To pass, the name change requires a 75 per cent approval rate.
Despite their PLC status, Rangers were not publicly listed on the stock exchange. The transition to an LTD ensures shares cannot be offered to the public, providing an additional level of control for the new leadership, reports the Daily Record.
The EGM will cover the move to the LTD company, informing shareholders about what they are voting on. Friday's big announcement covered the ordinary resolutions.
This includes the allotment of nominal shares, a price that has been set in recent years for directors investing in Ibrox. The club is entering a new era with nine appointments to the revamped board, spearheaded by Cavenagh and Marathe.
Patrick Stewart, Eugene Schneur, Andrew Clayton, Mark Taber, Fraser Thornton, John Halsted and George Taylor are the other seven who will play pivotal roles.
In an open letter to the Rangers supporters, Cavenagh and Marathe said: "We are proud to be entering a new chapter for this extraordinary club. This moment is the result of months of thoughtful discussions with club leadership and our shared confidence in Rangers' success going forward.
"To that end we'd like to tell you a bit about our thinking. Simply put - 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."
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