49ers Enterprises purchases majority stake in Scottish soccer club Rangers
Scottish soccer club Rangers have confirmed that a consortium led by Andrew Cavenagh and 49ers Enterprises has bought a majority stake in the team.
The Athletic reported in April that talks over the deal had been ongoing since last year and that an agreement was close.
Cavenagh, founder and chief executive officer of American healthcare firm ParetoHealth, will serve as chairman.
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49ers Enterprises, the investment arm of the NFL's San Francisco 49ers, is fronted by its president Paraag Marathe, who is also the team's executive vice president of football operations.
Marathe has experience in soccer in the UK, having led the £170million ($215m) takeover of English club Leeds United, who were recently promoted to the Premier League, in July 2023 after spending five years as a director of the board. He is the chairman of Leeds and will be the vice-chairman of Rangers, who are without a permanent head coach after sacking Philippe Clement in February.
'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,' Cavenagh and Marathe, who is the team's new vice-chairman, said in an open letter to the club's fans.
'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.
'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.'
Mark Taber, Andrew Clayton and Gene Schneur will join the board, with Graeme Park, Julian Wolhardt and Alastair Johnston all stepping down.
Rangers CEO Patrick Stewart, who will remain on the board alongside Fraser Thornton, John Halsted, and George Taylor, said he is 'excited and confident' about the club's future.
'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,' said Stewart.
Rangers finished second in the Scottish Premiership in the 2024-25 campaign, 17 points behind rivals Celtic, and reached the quarter-finals of the Europa League, where they were knocked out by Spanish side Athletic Club.
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