Rangers takeover timeline: From financial strife to American dream
A US-based consortium's takeover of Rangers has been officially confirmed, bringing an end to months of speculation surrounding the deal.
The Ibrox club announced on Friday that American investors, led by 49ers Enterprises and health tycoon Andrew Cavenagh, had taken a controlling stake by purchasing 51% of the club's shares.
2021: When Rangers won the league title under Steven Gerrard four years ago, there were hopes at Ibrox that it would turn the tide in Glasgow, both in sporting success and financial strength.
But Rangers faltered on the pitch and struggled financially to compete with Celtic. The club needed the backing of the board on a regular basis to fund player recruitment.
2023: Club accounts showed a loss of £3.1m and fans became eager for outside investment to help the team achieve its aims.
October 2024: Published accounts showed losses of £17.2m – as financial strife at the club worsened.
But not every development took place in the public eye. It was around this time that former Ibrox director Paul Murray introduced Dave King, the biggest single Rangers shareholder, to American investors who wanted to buy his stake in the club.
December 5, 2024: At the Rangers AGM, held at the end of last year, financial chief James Taylor said: 'Clearly there is a significant loss on player trading.
'We've taken moves to reduce the players' wage bill so we have a more sustainable club moving forward. Hopefully, we can now start seeing a profitable Rangers FC.'
However, Alistair Johnston revealed he had been exploring multi-club models and had been discussing investment from abroad.
February 19, 2025: Two months later, news broke that 49ers Enterprises, the investment arm of American football side San Francisco 49ers, which also runs Leeds United, and others, were interested in taking over.
February 24, 2025: Manager Philippe Clement was sacked after a run of poor results, with Barry Ferguson appointed to the role until the end of the season.
Club sources believed that a takeover deal would be done by the summer and that the new owners would want their own man in charge.
April 29, 2025: US health tycoon Andrew Cavanagh and Leeds United chairman and 49ers Enterprises president Paraag Marathe joined a delegation taken on a tour of Ibrox Stadium.
May 7, 2025: Dave King revealed in an interview that the takeover was almost certain with a 90% chance of being completed.
At that stage, he believed it would be completed by June.
King said in a radio interview that talks about selling his shares to Cavenagh and 49ers Enterprises had been ongoing for six months and that the potential new ownership had the financial backing and a plan in place to improve the club's fortunes.
Speaking to TalkSport, he said: 'I think it was clear both inside the club and outside the club that directors had investment fatigue.
'And you certainly can't keep running a club like Rangers with a kind of a cap-in-hand approach to funding every time you need a million quid or two. That wasn't sustainable.
'And I think the fact that Rangers had fallen so far behind, I felt the gap was too big to bridge, just looking at local investment from the directors.'
May 18, 2025: Rangers finish their season with a 2-2 draw at Hibs and end the campaign 17 points behind Celtic at the top of the Premiership.
May 19, 2025: Barry Ferguson and has coaching staff depart the club as attention is turned to a summer of change.
May 30, 2025: The takeover is confirmed with confirmation of a new board at the helm of Ibrox with promises of investment in the club.
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