How Rangers will spend £20m investment from US consortium
The group, led by 49ers Enterprises and health tycoon Andrew Cavenagh, has purchased a controlling stake in the Ibrox club in return for an initial £20million investment and the deal was confirmed today.
Cavenagh will serve as chairman while 49ers Enterprises president Paraag Marathe will be vice-chairman.
Cavenagh told the Rangers website: "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."
Marathe added: '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.'
Read more: Rangers takeover complete as 49ers Enterprises seal deal and statement released
Rangers can now live the American dream, but what are the big financial challenges?
One thing Rangers fans will be wondering is just how the initial investment will be spent.
The £20m will not just be provided as a warchest to be splashed in the transfer market, though the injection of cash will certainly help in that regard.
Rangers Review have reported that the initial priority for the new owners is to improve on-pitch fortunes and so a decent chunk of the cash will be put forward to do so.
Significant investment in the squad is expected and it will likely be another busy summer for Ibrox's revolving door.
The investors' long-term goal is to work towards long-term financial sustainability. In recent years, wealthy investors and supporters have plugged gaps through share issues and loans that have been converted to equity.
The fresh inject of funds will allow the club to have stability in their planning.
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