Rangers takeover completed as 49ers sweep into power with £20m pledge and vow to get club back to the top
The Ibrox club released a statement confirming they are now under new ownership and the fans are in raptures
American investors 49ers Enterprises have finally completed their takeover of Rangers, vowing to pump £20million into the club to kick off their revolutionary plan to get the Ibrox side back to the top in Scotland.
The stunning news comes three months after Record Sport first broke the bombshell exclusive story that US-based businessman Andrew Cavenagh – the new board chairman – was leading a consortium, backed by the investment group of the NFL giants, to buy a controlling stake of the Ibrox club.
And now Rangers have revealed they are under new ownership in a deal they hope can transform their fortunes in their bid to get back of the Scottish game.
The Ibrox side – still conducting a search for a permanent manager – signalled the start of a new era by issuing a statement on their club website which read: "Rangers Football Club is pleased to announce that a consortium of investors, led by Andrew Cavenagh and 49ers Enterprises, has purchased a majority stake in the club, with approval from the Scottish FA.
"The consortium will chart a new strategic vision for the club's future prioritising on-pitch performance and long-term financial sustainability.
"The new leadership has committed to invest £20million into the club at this time, which will be subject to shareholder approval at the General Meeting on 23 June 2025.
"Cavenagh, a business leader and healthcare executive, will serve as board chairman. He will work closely with Paraag Marathe, who joins the board as vice chairman and is the president of 49ers Enterprises, a sports investment entity also led by San Francisco 49ers CEO Jed York.
"Cavenagh and Marathe have spent decades leading highly successful businesses and world-class sports brands and as part of the Board will oversee all aspects of the club in this next chapter."
Andrew Cavenagh said: "We are deeply grateful for the trust placed in us by the Rangers board, shareholders, staff, and supporters. This club's history and traditions speak for themselves, but history doesn't win matches.
"We know that the true way to honour 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."
Paraag 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.'
Reflecting the club's new leadership, Mark Taber, Andrew Clayton and Gene Schneur will join Cavenagh and Marathe as new members of the board.
Patrick Stewart, Fraser Thornton, John Halsted, and George Taylor will remain on the board.
Graeme Park, Julian Wolhardt, and Alastair Johnston are stepping down from the board with deep thanks from the club for their contributions.
Fraser Thornton said: 'This new ownership phase represents a significant step forward for Rangers FC.
"The incoming shareholders bring not only funding but also deep expertise in strategic planning, infrastructure development, and sporting excellence.
'On behalf of Rangers, I also want to put on record our appreciation to the outgoing board members who have selflessly served the club. I also want to acknowledge our major shareholders whose backing has brought the club to this point, the vast majority of whom have chosen to reinvest in the club and continue with us on the next stage of the journey.
'From my earliest conversations with Paraag and Andrew, I have been excited and confident in the shared vision and what it could mean for the future of Rangers. Our focus now is on the hard work ahead, preparing thoroughly for the new season, appointing the right men's head coach, and ensuring we have the structures in place to support success on the pitch.'
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