New Rangers owners promise £20m investment after completing takeover
Rangers' new American owners have promised a £20million injection into the football side of the Ibrox club after completing their takeover.
The Glasgow club announced that a consortium of investors, led by Andrew Cavenagh and 49ers Enterprises, has purchased a majority stake in the club.
The new leadership now owns 51 per cent of Rangers following a number of share purchases and has committed to invest £20million into the club, the vast majority to be spent on players.
This funding will come in the form of a new share issue, subject to shareholder approval at a general meeting on June 23. The club is also set to move from being a public limited company to private.
Healthcare executive Cavenagh will become chairman, while Paraag Marathe, who is chairman of Leeds and president of 49ers Enterprises, becomes vice-chairman.
Rangers say the Scottish Football Association approved the deal late on Thursday night after the club sought consent over dual ownership issues. Sports investment firm 49ers Enterprises owns a majority stake in Leeds.
A similar investment into Hibernian involving the Black Knights, the consortium that owns Bournemouth, was subject to SFA requirements that the stake in the Easter Road club did not exceed 30 per cent.
The deal will allow Rangers to step up their recruitment of a new manager with outgoing Real Madrid assistant manager Davide Ancelotti the front-runner, but no movement is expected until next week.
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.'
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.'
Three other United States-based directors, Mark Taber, Andrew Clayton, and Gene Schneur, will join Cavenagh and Marathe as new members of the board.
Chief executive Patrick Stewart, outgoing chairman Fraser Thornton, John Halsted and George Taylor will remain on the board while Graeme Park, Julian Wolhardt, and Alastair Johnston are stepping down.
Stewart said: '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.'
Thornton added: 'The incoming shareholders bring not only funding but also deep expertise in strategic planning, infrastructure development, and sporting excellence.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Sun
27 minutes ago
- The Sun
Chelsea to give Liam Delap major dilemma with £30million striker at risk of being in middle of club vs country row
LIAM DELAP'S first major test at Chelsea won't be on the pitch – it'll be navigating a club versus country row. Chelsea are closing in on the £30million striker having already agreed personal terms. 3 3 3 And they want him available for the Fifa Club World Cup this summer. But that tournament clashes with England's plans to include him in their squad for the Uefa Under-21 European Championship, which kicks off on June 12. Delap scored 12 goals and provided two assists for relegated Ipswich last season and his performances look to have secured a move to the capital. But he's about to get mixed up in some of the unwanted politics of the Beautiful Game. Delap reportedly had offers from Manchester United, Everton, and Chelsea. But journalist Ben Jacobs is reporting that that Thomas Tuchel convinced him a Champions League platform would boost his chances of making England's 2026 World Cup squad. Chelsea, fresh off winning the Europa Conference League, have wasted no time splashing the cash on Delap. United were believed to be front-runners to land the England Under-21 star. But a disastrous end to their season – in contrast to Chelsea's strong finish – is understood to have tipped the balance. Delap was also coached by Enzo Maresca during his time at Manchester City's academy, while Joe Shields – now at Chelsea – played a key role in bringing him from Derby to City back in 2019. SunSport understands all these factors played a key role in convincing one of England's brightest young talents to join Chelsea. But, as with every top club, Delap will need to get used to being at the heart of club vs country tug-of-wars whenever international and domestic duties overlap. Chelsea have had Nicolas Jackson leading the line over the last two seasons but he has failed to fully convince fans he is the man to take them forward.
The Sun
27 minutes ago
- The Sun
BBC Masterchef star closes award-winning restaurant TODAY after ‘unforgettable journey' as he teases ‘final celebration'
AN AWARD-winning restaurant owned by a BBC Masterchef star is closing today after an "unforgettable journey". Announcing the news online, chef Ritchie Staisnby teased a "final celebration" before he closes the doors to the much-loved vegan food spot. 6 6 6 Owners of the restaurant made the decision to shut up shop after admitting "everything is up in the air". Co-owner of Nottingham-based No. Twelve, Ritchie Stainsby built up a strong relationship with his regular customers after starring on Masterchef: The Professionals last year. He runs the restaurant alongside wife Lauren and despite the popular spot being filled up most days, Ritchie has called time on the project. The final farewell will take place on 1 June and is open to all members of the public. Tickets are free and the restaurant will be serving heavily discounted booze and food, and will even auction off some of its items. In a post on Instagram the couple said: "This is more than just a party — it's a thank you, a farewell, and a celebration of everything has stood for. "Whether you've dined with us once or a hundred times, we'd love to see your face and raise one last glass together. No dress code — just bring your friends, your appetite, and your best stories. Let's make this a day to remember." News of the closure was announced earlier this year with the TV chef alluding to things being "up in the air" despite being as busy as ever. They said: "We got some sensitive news that's out of our hands. "We have loved doing this and the reason it's coming to an end so abruptly is some personal circumstances for us and those around us that contribute to the restaurant closing. "No. Twelve hasn't failed, to be honest we are busier than we ever have been. "And because we're a couple we guarantee people will think we've split up. Just to clarify we are a happily married couple." He ended the passionate message by saying: "Everything is up in the air at the moment and, even though we don't know what's going to happen, I'm still going to be a chef." The 33-year-old is yet to say what led to the closure of No. Twelve but he did confirm the brand would live on in the form of regular pop-up events. Private dining bookings will also still be available for guests who want to get their tastebuds back with Ritchie's tasty offerings. No. Twelve can be found at Eldon Chambers in a busy part of Nottingham. It was first opened up in 2017 as a small 24-seater cafe in Hounds Gate being the business was transformed into a fine dining restaurant in a converted redbrick Victorian mill, off Wheeler Gate. They specialise in vegan dishes with an imaginative twist that has wowed everyone - including devout meat lovers. Much of the meals form an à la carte menu but there is also a seven-course tasting menu for people to try. 6 6 6 Until today the spot was running as usual to provide diners with a culinary experience they won't forget. Lauren, 29, previously said: "What we want to do over the next three months is celebrate. "One door closes, another door opens. We're going to see it as something positive. "It is sad but we don't want to be sad about it because there is no point. It's been a great journey for us. "I started this when I was 22, now I'm going to be celebrating my 30th here. It's amazing, we've done so well." Ritchie said despite the pair choosing to step away from the business sector for now, they could be convinced back one day. He said if the right investor came in and made an offer which was good enough then they would go into business again. The chef said: "Whilst a change of location seems impossible at the moment, it's not something we'd ever rule out. "The economy, as it is, is tragic for our industry. While there are places opening we often find it's people who have got big backing." It comes after Sunday Brunch star Elliot Kaye and Richie Hayes shared that they would be closing their modern-style greasy spoon. The North London eatery Norman's Cafe had long been a hub for influencers and fashion-forward people looking for a greasy spoon with a difference. Opened by Sunday Brunch chef Elliot Kaye and Richie Hayes, the posh restaurant first opened its doors in 2020. Norman's Cafe began as a sandwich shop before widening its menu to include a range of British classics. Despite its immense popularity, however, the shop's owners announced that it will close its doors in June 2025. What is happening to the hospitality industry? By Laura McGuire, consumer reporter MANY Food and drink chains have been struggling in recently as the cost of living has led to fewer people spending on eating out. Businesses had been struggling to bounce back after the pandemic, only to be hit with soaring energy bills and inflation. Multiple chains have been affected, resulting in big-name brands like Wetherspoons and Frankie & Benny's closing branches. Some chains have not survived, Byron Burger fell into administration last year, with owners saying it would result in the loss of over 200 jobs. Pizza giant, Papa Johns is shutting down 43 of its stores soon. Tasty, the owner of Wildwood, said it will shut sites as part of major restructuring plans.
The Sun
27 minutes ago
- The Sun
‘With you, I started to smile again' – Tearful Antony announces Real Betis exit as £86m flop forced to return to Man Utd
ANTONY hailed his Real Betis loan spell as "one of the most beautiful chapters of my life" as he prepares for his return to Manchester United. The Brazil winger scored nine goals and provided five assists in 26 appearances for Betis in his reviving six-month loan move. 4 4 But Antony and Betis endured a painful last dance, losing 4-1 to Chelsea in the Uefa Conference League final in Poland. He is set to return to Man Utd, who would not accept a cut-price deal or another loan move. The 26-year-old was grateful for his time at Betis as he penned an emotional open letter on Instagram. Antony said in Spanish: "Today is the day to give thanks for one of the most beautiful chapters of my life. "As I write this page of my story, I need to tell you why you have been —and always will be —so special to me. "Since I was a child, football wasn't just a dream, it was my only chance to change my life. "Life took me far, from the favela to the world. I left Brazil, played in the Netherlands, played in England, and went from being a boy to becoming a father. "A lot has changed, but football has always been there, always my safe harbour. Until one day, everything collapsed. Join SUN CLUB for the Man Utd Files every Thursday plus in-depth coverage and exclusives from Old Trafford "From heaven to hell. The ball stopped going in, the joy faded, my world darkened, and I began to doubt myself, my talent, and my passion for the game. "That's when football gave me one last gift: Real Betis. From the first step into this club, I felt something different. 'Leaving Man Utd works wonders' - Fans love Antony's wild Real Betis celebrations as he goes topless and waves huge flag "It was like coming home, like finding a piece of myself that I thought I had lost. With you, I started to smile again. "Thank you for welcoming me as one of your own. Thank you for giving me back the joy of playing football. "And thank you for reminding me why I fell in love with the game. My home, my people, thank you so much." Antony captioned the heartwarming post with: "My world. My people." The video started with Antony walking around an Villamarin Stadium, soaking his final days with the club who desperately wanted to keep him. He was wearing his Betis jersey, with his young kids popping up in the green and white kits too. It then showed his best match highlights, including his incredible goal against former Man Utd team-mate David de Gea at Fiorentina. Dramatic Hans Zimmer-like piano music played in the background throughout. Antony endured a torrid first half of the season in the Premier League, compounding what had been a frustrating two seasons at Old Trafford following his £86million from Ajax in 2022. While he might not be accepted back into the fold at Old Trafford, Antony attracted interest from Bayer Leverkusen, now managed by former United boss Erik ten Hag.
