49ers owners complete purchase of Scottish soccer club Rangers
Rangers finished second, behind rival Celtic, in the last four seasons of the Scottish Premiership. Photo by Brian Stewart/EPA
May 30 (UPI) -- Healthcare executive Andrew Cavenagh and 49ers Enterprises completed their ownership takeover of Rangers, the Scottish Premiership soccer franchise announced Friday.
The new ownership group committed to invest nearly $27 million into the club, which will be subject to shareholder approval.
"We are deeply grateful for the trust placed in us by the Rangers board, shareholders, staff, and supporters," Cavenagh said in a news release. "This club's history and traditions speak for themselves, but history doesn't win matches. We know that the true way to honor 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."
Cavenagh will serve as board chairman and work with vice chairman Paraag Marathe, who serves as president of 49ers enterprises -- the investment arm of the NFL's San Francisco 49ers.
"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," Marathe said. "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."
Mark Taber, Andrew Clayton and Gene Schneur will join Marathe and Cavenagh as members of the board. Patrick Stewart, Fraser Thornton, John Halsted and George Taylor will remain with the Rangers board, while Alastair Johnston, Julian Wolhardt and Graeme Park stepped down from the board.
49ers Enterprises also owns Leeds United, which earned promotion to the England Premier League next season.
Rangers (22-7-9) finished second -- behind rival Celtic -- four the fourth-consecutive season in the Scottish Premiership standings. They last won the league in 2020-21.
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