Inside Rangers' £90million American takeover and latest on next manager search as new owners say ‘focus is simple'

Scottish Sun

4 days ago

RANGERS' new American owners have vowed to take the club back to 'the top' after sealing their £90million takeover.
Fans gathered at Ibrox to celebrate as the historic deal, backed by San Francisco 49ers Enterprises, was finally confirmed.
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New Rangers chairman Andrew Cavenagh has vowed to bring Rangers to 'the top'
Credit: Kenny Ramsay
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Vice-chairman Paraag Marathe will bring trusted allies to Ibrox with him
Credit: PA
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Patrick Stewart and Fraser Thornton will remain on the club's board
Credit: PA
New chairman Andrew Cavenagh said: 'Our focus is simple — elevate performance, deliver results and bring Rangers back to where it belongs, at the top.'
Champagne corks weren't popped at Ibrox.
There were no wild celebrations in the Blue Room when the deal was finally signed, sealed and delivered.
Rangers' long-awaited change of ownership was ratified just before midnight on Wednesday.
But after months of tense negotiations the famed Ibrox marble staircase was silent.
Despite reports to the contrary, consortium frontman Cavenagh was in the US when the final, crucial email from the SFA approving the shareholding agreement landed in his inbox.
The legal teams working overtime to finalise the deal were behind their computer screens in London and San Francisco.
It was e-signatures that were required to conclude things, rather than a pen swiping across a piece of paper.
Everything was done remotely and quietly.
By this morning, though, the takeover was announced to the world.
Rangers fans react as 49ers takeover completed
New chairman Cavenagh was then quick to tell the Rangers supporters everything they wanted to hear about him, vice-chair Paraag Marathe, and the remainder of 49ers Enterprises' investors.
In an open letter to fans, they told them: '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 also believe that thoughtful and 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 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.'
This is a fanbase that's crying out for hope after years of heartache, and the heathcare insurance tycoon delivered it.
Importantly, there will be an initial £20million investment in the playing squad.
This is a modest sum in some respects, yet there was never going to be a scatter-gun financial approach to this buy-out.
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It's a long-term strategy that Cavenagh and Co believe will bring back sustainable glory days to Ibrox.
Crucially, they must now focus on the appointment of a new manager to spend those funds wisely, and make the most of the players at his disposal.
Italian coach Davide Ancelotti and former Southampton boss Russell Martin remain the frontrunners — with further talks scheduled for this weekend.
Cavenagh is currently NOT in the UK or Europe for face-to-face talks with the dug-out candidates.
But all being well, Rangers still hope to name their successor to former boss Philippe Clement in the coming days.
Most notably in that regard, sporting director Thelwell officially starts works at Ibrox on Monday to move things forward.
The Cavenagh letter added: 'Our first priority together is clear — hiring a new men's head coach.
'That process is already well underway and we look forward to sharing more updates soon.
'We will also look to invest in talent for our teams.'
Rangers now have a new-look board with fresh ideas.
Patrick Stewart, Fraser Thornton, John Halsted and George Taylor all remain at the club.
But Graeme Park, Julian Wolhardt, and Alastair Johnston now step down.
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Dave King is no longer a shareholder at Ibrox
Credit: PA
New faces Mark Taber, Andrew Clayton and Gene Schneur — trusted allies of Cavenagh and Marathe — are incoming directors.
Crucially, Dave King and John Bennett are now no longer shareholders at all, while Douglas Park, George Taylor and Stuart Gibson have retained just over five per cent between them.
At an EGM scheduled for June 23 there will be a motion to move Rangers from an unlisted PLC to a private entity.
Overall, it's a huge shift, described as seismic by key figures behind the scenes, which had to happen for this takeover to go through.
The letter went on: '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.'
Cavenagh will mainly be based in the US, and will NOT be the day-to-day decision-maker at Ibrox.
Former chairman Thornton will continue his front-of-house role alongside chief executive Stewart.
But there will be a constant dialogue with the 49ers Enterprises group to rinse every ounce of potential out of Gers, right across the board.
Cavenagh was given a VIP guided tour of Ibrox just weeks ago, and it's believed he was vocal about the possibilities that lie ahead for the club. Quite what that will look like, and what happens next, only time will tell.
It's understood maximising the stadium by selling the naming rights to the highest bidder is NOT an option being considered.
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John Bennett's shares have also been bought out
Credit: Keith Campbell - The Sun Glasgow
Yet Leeds United, promoted back to the riches of the Premier League, have flourished as a football club since the investment from the NFL franchise.
Rangers fans will be hugely excited about what the future could now look for them.
The letter concluded: '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.
'We look forward to seeing you at Ibrox soon. For now, we'll keep working, and we can't wait for what's ahead.'
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