US group including 49ers Enterprises buys majority stake of Glasgow club Rangers
GLASGOW, Scotland (AP) — Scottish soccer club Rangers confirmed on Friday a U.S.-based consortium that includes an investment arm of the San Francisco 49ers has purchased a majority ownership stake.
Rangers said health insurance entrepreneur Andrew Cavenagh and 49ers Enterprises led the consortium of investors that was reported to have bought a 51% stake. The purchase price was not disclosed.
The club said the group has committed to invest 20 million pounds ($27 million) right away, subject to shareholder approval in June.
In July 2023, 49ers Enterprises completed the takeover of Leeds, which will play in the Premier League next season after winning the second-tier title.
In Glasgow, takeover talks had been ongoing for months as Rangers finished a distant second to fierce rival Celtic in the Scottish Premiership this season. Celtic has won the league title for four straight years.
Cavenagh, co-founder of Philadelphia-based Pareto Health, will serve as Rangers board chairman.
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'This club's history and traditions speak for themselves, but history doesn't win matches,' he said in Friday's announcement. 'Our focus is simple: elevate performance, deliver results, and bring Rangers back to where it belongs — at the top.'
Paraag Marathe, who will be the board's vice chairman, is the president of 49ers Enterprises — a sports investment entity also led by San Francisco 49ers chief executive Jed York.
Marathe is also chairman of Leeds.
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AP soccer: https://apnews.com/hub/soccer
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