New Rangers owners promise £20m investment after completing 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.
Leeds chairman Paraag Marathe has joined the Rangers board (Mike Egerton/PA)
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.
Davide Ancelotti is the favourite to take over as Rangers manager (Mike Egerton/PA)
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's Leeds have been promoted to the Premier League (Mike Egerton/PA)
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.
Rangers chief executive Patrick Stewart (left) and Fraser Thornton remain on the board (Andrew Milligan/PA)
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.'
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