New American owners plan to inject £20m into Rangers after takeover
Rangers have been bought by new American owners who plan to plough £20million into the club this summer.
A consortium led by the healthcare tycoon Andrew Cavenagh and backed by 49ers Enterprises, the sports investment wing of NFL giants San Francisco 49ers, took control with a 51 per cent stake. Months of negotiations were finally completed just before midnight on Thursday.
Pennsylvania-based Cavenagh is an entrepreneur in the health insurance industry and takes over as chairman. His fellow American, Paraag Marathe, of 49ers Enterprises, is vice-chairman. Marathe is also the chairman of Premier League club Leeds United and the dual ownership aspect of the Rangers' takeover has been approved by the Scottish FA.
The consortium will make an initial investment via a share issue, although The Times understands that a sizeable percentage of the intended £20million will come from existing shareholders who pledged to reinvest as part of the deal to sell to the Americans. An extraordinary general meeting will be held on June 23 to secure shareholder approval for a rights issue.
Rangers fans have longed for the American takeover and embraced it in the hope it will transform the club's fortunes after years of domination by their Old Firm rivals Celtic as well as off-field turbulence and heavy financial losses. Kevin Thelwell starts as Rangers' sporting director on Monday, having left his previous role as director of football at Everton, but he already has been driving the club's search for a new manager. Either the frontrunner Davide Ancelotti or former Rangers and Scotland defender Russell Martin is expected to be appointed next week.
Cavenagh and Marathe released an open letter to fans as the takeover was announced at 1pm on Friday. 'Dear Rangers supporters, we are proud to be entering a new chapter for this extraordinary club,' they said. '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.
'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. Our first priority together is clear: hiring a new men's head coach. That process is already well under way, and we look forward to sharing more updates soon.'
Rangers said the consortium's vision was to prioritise on-field results and 'long-term financial sustainability'. In a statement released along with the open letter, Cavenagh said: '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.'
The consortium members Mark Taber, Andrew Clayton and Gene Schneur will join Cavenagh and Marathe as directors on the new Rangers board. Taber is a Boston-based managing director of a growth equity firm in the healthcare business. Clayton is Philadelphia based and is a colleague of Cavenagh's as a co-founder of ParetoHealth in the healthcare industry. Schneur, who is also a board member of Leeds United, lives in Miami and is the managing director of a real estate firm.
The Rangers chief executive Patrick Stewart, Fraser Thornton — who was replaced by Cavenagh as chairman — John Halsted and George Taylor will also continue as directors. Graeme Park, Julian Wolhardt, and Alastair Johnston have stepped down.
The former Rangers chairmen Dave King and John Bennett sold all of their shares to the American consortium while others with prominent stakes, such as Taylor, Halsted, Stuart Gibson and another former chairman, Douglas Park, will remain as shareholders and will continue to invest. Following the takeover Rangers will become a private company.
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