Latest news with #DaveKing
Daily Record
5 hours ago
- Business
- Daily Record
The Rangers realisation that astounded Andrew Cavenagh as Dave King hopes board mood swings are now thing of the past
King reckons that now the grownups in charge, the boardroom moodswings that have plagued the club will become a thing of the past Say what you want about the men who've run Rangers for the past decade but you can't fault the devotion to a club most have supported since they were wearing short trousers. Around the boardroom, tens of millions have been poured into a passion first developed as children. The trouble is that much of those huge sums have been squandered by a series of blunders verging on the schoolboy. The job now for the new American regime in control at Ibrox is to return the Light Blues to the top of the class in Scotland. And if there's one thing offering re-assurance to Dave King, it's that the grown ups are now in charge. The former chairman was one of those boyhood supporters who gave his all - and most certainly his fortunes - in the pursuit of making Rangers great again. But having been born and raised in Glasgow, the Castlemilk native was as susceptible as any of the men he shared the director's table with of getting caught up amidst the reactionary mindset of the larger Ibrox faithful. He saw how a bad night in Perth or Paisley could lead to dire consequences for the manager in the dugout. But with the mature heads of Andrew Cavenagh and his partners from 49ers Enterprises now in charge, King hopes the days of boardroom mood swings are over. King - who handed over his 14 percent stake in the club last week as the US consortium concluded their £75million takeover - said: 'I remember speaking to Andrew and he was astounded by the extent to which we won a game, we lost a game, and there was doom and gloom at board level. 'As supporters you can do that, but as a board you can't be making decisions around transfer business because you lost on Wednesday night in Paisley. 'You need a proper football plan, a proper financial plan. I think sometimes when you've got too many supporters on the board, immediate results start to introduce knee-jerk thinking - 'Get him out, get him in, fire the manager'. 'You've got to be careful that you don't get caught up in that because it's dangerous. I think the new owners are going to come in with a plan and they'll stick to it. 'When things don't go well, it'll be fine. They won't throw the plan aside. I'm expecting that level of maturity because these are very mature investor business people who are looking at Rangers in a very mature way. "These are not some supporter that's coming in because the jacket, tie and brown brogues are important to them. 'They see Rangers as a great business opportunity and quite frankly, it is. 'But it was never going to be one as long as it remained a parochial cap-in-hand set-up. It can't be, 'Oh we need a couple of million quid so let's go around the directors and get a loan'. 'We had to break away from that. It's something I thought we had with 55, keeping Steven Gerrard on board and defending the title. 'I really thought we'd turned the corner, but unfortunately, it was decided to take Steven out of the picture. 'I regret that, but it is what it is. We are where we are. 'I'm definitely excited, genuinely excited about the progress the club will make now this transaction has gone through.' Cavenagh and Co have kicked-off the new era at Ibrox with a promise to inject an initial £20million into the club's transfer kitty. That will do for starters but more, a lot more, will be needed to make Rangers a serious contender for prizes. Taking on a Celtic side that have lifted 13 of the last 14 league crowns will not be easy but King is confident that new owners grasp the appetite for success which is now their job to feed. 'I do think that's an exact understanding,' he said. 'The ambition most certainly must be to win a trophy next season. 'My understanding is the expectation is to be competitive next season. 'I think the squad that we've got at the moment is way short of what we need to have a sustained run at the title while simultaneously participating in Europe. 'It's no surprise this year that the guys were up for it in Europe because that's just almost a mentality aspect of Europe. 'I don't know if some of them regarded that as being a shopping window - but the fact is they weren't quite up for going to Perth or Paisley or places like that. 'We need people that understand it the way Barry Ferguson did. 'Barry and guys like Allan McGregor understand what it takes to win league titles. 'It's not about the glamour games. It's about going away in a wet, windy, cold night to Aberdeen, to St Johnstone and grinding out an ugly 1-0 result. 'When I looked at the team, when we were down with 40 minutes to go, I wasn't seeing the leadership on the pitch. 'I wasn't seeing the characters on the pitch that were saying, come on, and grabbing them. 'If that was Richard Gough, he'd have been tackling the guys himself. 'I think we're way short on players. That's why I'm trying to moderate expectations to say as much as the 49ers are coming in to make an impact as quickly as they can and as sensibly as they can, I'm just concerned it might take a wee bit longer than we as supporters would like. 'But it doesn't mean we won't be going forward all the time.' A fresh pile of American's dollars will certainly help Rangers close the gap on Celtic. But just as valuable will be the business and sporting expertise being brought to the table by the Stateside consortium with their NFL experience. King added: 'They're not guys that are just going to throw money at the club. 'There's going to be a football plan and there's going to be a financial plan behind that. 'Andrew and the investors coming in understand there's going to have to be a substantial net investment. 'It's really how much is going in total because we have to get some guys out as well. 'We've been paying a lot of money for players, some that virtually never started and others that give us very little time on the pitch. 'If they can get them out and free up the wages and add the new money, then it could be a very, very substantial new investment.'
Daily Record
12 hours ago
- Business
- Daily Record
Dave King makes one thing about new Rangers owners crystal clear as he has word of 'caution' for expectant fans
King expects rapid improvement but warned fans the spending will be disciplined and patience will be required Dave King believes Rangers' new owners are intent on establishing a fresh era of Ibrox dominance - but warned fans they will have to be patient as Andrew Cavenagh gets down to work. The former chairman handed over his 14 per cent stake in the club to US health insurance tycoon Cavenagh and his partners from the San Francisco 49ers last week. The American consortium now hold a majority stake in the club after completing their £75million takeover and have already announced plans to plough an additional £20million into the club to kick off an overhaul of the Gers squad. That cash injection will go a long way to upgrading a team that finished a whopping 17 points behind Celtic last season. And King is convinced this is the beginning what will eventually become a golden age for the Light Blues. He said: 'I've said it before and I'm going to say it again so there's absolute clarity — I would not be introducing Andrew and the 49ers if I did not believe they were the right people to take the club forward. 'I really do believe they're the right people. 'Where I would caution is, they're going to do it in a disciplined, stable manner. So if supporters have got a sense that all of a sudden they're going to come in and spend vast amounts of money and have a team that runs away with the league next year and qualifies for Europe, I think that's over-ambitious. 'What we should start seeing is a coherent plan, to see better communication with supporters. 'And they are coming in with a commitment not just to win a league title, but to make Rangers the dominant force in Scotland. 'That is what this project is about. It's not about winning one or two titles. 'It's about the next 10, 20 years and I think that's why I'm excited about it, because I think they are the right people. 'We know they've got the resources to do it. They will not waste the resources. They're smart, clever business people. 'They've done a great job with Leeds, if you look at the numbers. Things like the commercial revenue, I think they've quadrupled it over four or five years. 'They understand football. They understand all of the other things, the gaming side, the media side, all of the things that are important if you're going to be a modern football club. 'And if we're going to continue to have to operate in the markets that we want to operate in and be successful in Europe we need that. That's why I'm excited.' There's plenty of work to be getting on with at Ibrox and not a second to waste. There's only 50 days remaining until Gers kick off the new campaign with a vital Champions League qualifier and the club have yet to announce Philippe Clement's replacement as boss. Davide Ancelotti remains the frontrunner and could be confirmed as early as today if final talks progress swiftly. And King is optimistic for the future. He said: 'I think we're going to see a fairly quick improvement. I think it's going to be a steady, ongoing improvement. But what we shouldn't be expecting is everything to turn around in one transfer window. 'I'm just hoping that the supporters understand that. I think we'll all expect to see a far better quality of player coming in than is going out. 'Part of my frustration is we've brought guys in and all of a sudden he's not fit yet or he needs more time. 'The league is a third gone and we're still waiting for players to put their shirt on for the first time. You can't be doing that. 'You can't be giving away points while you're waiting for people to get fit or waiting to get ready. We need to bring people in who are ready to go.'
Daily Record
a day ago
- Business
- Daily Record
My pick for Rangers job is the cosmopolitan option and I can't believe the cheek of Dave King's suggestion
Dave King was acting like someone who had sold his house yet reserved the right to tell the buyer how to decorate the property Dave King's public push for Steven Gerrard to be named Rangers manager was always a backward step based on shaky ground. And a bit of a cheek as well. The former Ibrox chairman was acting like someone who had sold his house yet reserved the right to tell the buyer how to decorate the property after he had left the building. In other words, the managerial search was none of his business. King sold his 13 per cent interest in Rangers to 49ers Enterprises to help facilitate their majority shareholding takeover of the club, which is now officially done and dusted. Andrew Cavenagh, the driving force behind the Californian conglomerate, was always going to be the man who would ultimately take the decision concerning the hiring of a new manager. And he was never going to listen to, far less comply with, outside influences. Cavenagh is, with his feet now firmly under the table in the Blue Room, manoeuvring Rangers towards the door marked '21st Century' and former actors in the Ibrox melodrama, which has lasted since administration became liquidation in 2011, must now leave the stage and take the past with them. An American-owned club playing in Scotland could now be managed by one of two Italians, Davide Ancelotti or Francesco Farioli. Former Scotland star Russell Martin, late of Southampton, relegation and removal from his post, may also be in the frame for the job. I've got even less to do with what happens next than King. But I'd go for cosmopolitan Ancelotti, whose coaching career as assistant to his father Carlo has turned him into a European sophisticate after working at Real Madrid, Bayern Munich, Everton and Napoli. Rangers' squad is such a cultural melting pot they started 2025 by beating Celtic with players of 11 different nationalities. Ancelotti and the club's new owners would add to the intercontinental mix. A futuristic business opportunity has landed at Rangers' feet and given them the chance to leave the parochial world behind. King, in the midst of his support for Gerrard's candidacy, said the 'Glasgow thing' had to be a key factor regarding the election of a new manager at Ibrox. 'You can't really explain it until you live through it,' Dave said. Well, having lived nowhere else but Glasgow for the last 75 years, and spent 40 of those years speaking to radio callers who embraced the unique aspects of the football environment in the city, I beg to differ. And I cite the club across the road on the other side of the city as the basis for my contradiction of King's philosophy. When Fergus McCann crossed the Atlantic to take control of Celtic in 1994, and save the club from collapse, he appointed Tommy Burns as manager and the pair immediately fell into conflict. Tommy was word perfect when it came to the 'Glasgow thing'. His sole interest from the outset was to stop Rangers from winning Nine-in-a-Row and thereby equalling the record originally set by Jock Stein on Celtic's behalf. Fergus disagreed. His target was to rebuild the club as a viable business and reconstruct the stadium as a modern-day edifice. He did so in the belief that Celtic would have a better future on a long-term basis as a result. Rangers eventually got the Nine but Celtic's trophy haul and financial growth over the last 30 years entitles McCann to be viewed as a visionary. Gerrard stopped Celtic from winning 10-in-a-Row in 2021 during his time at Ibrox. The 'Glasgow thing' dictates such an achievement bestows immortality on the creator. Ironically, the 'Glasgow thing' has now caused Gerrard to withdraw his name from the list of prospective managers at Ibrox because his wife Alex has no interest in swapping Bahrain for Bearsden, or anywhere else in the city. That doesn't mean the eventual appointee will be getting the job at Ibrox by default. Gerrard's track record since leaving Rangers, 17 wins from 40 games at Aston Villa and five wins from 17 matches at Al-Ettifaq, didn't make him the outstanding candidate. Martin, while trying hard not to be disrespectful, might be the one who got the job if the Celtic fans were allowed a vote. Farioli is, apparently, a graduate in philosophy, which doesn't move him up the queue either. He's only available because his Ajax side blew a nine-point lead in the Dutch title race and let PSV Eindhoven win the league, creating his resignation. What Rangers need isn't a handle on the 'Glasgow thing'. They need a winning mentality, long missing from their make-up, and Ancelotti brings that from his time at top clubs in Europe. Talk of him being his dad's boy is insulting on the basis that his father would have been the first one to bin him if he wasn't good at his job. Ancelotti Jr can translate talent into trophies and articulate his playing philosophy for those he's working with, as his track record suggests. And, as they say in Glasgow, that's all that matters, by the way.
STV News
3 days ago
- Business
- STV News
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. Get all the latest news from around the country Follow STV News Scan the QR code on your mobile device for all the latest news from around the country
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Scotsman
3 days ago
- Business
- Scotsman
Rangers takeover complete as new era begins: board layout, goals, cash injection, next manager latest
Historic moment as American investors take control of Glasgow side Sign up to our Football newsletter Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... At just after 11pm on Thursday night, a new era at Rangers Football Club got underway when the last e-signature was received confirming a consortium of American investors, led by Andrew Cavenagh and 49ers Enterprises, as new majority shareholders at Ibrox. The deal is set to trigger a new cash injection of up to £20 million in the club for football operations. Advertisement Hide Ad Advertisement Hide Ad Gone are the days of handing over a pound coin for control of Rangers. From David Murray to Dave King, via Craig Whyte, Charles Green and Mike Ashley, few clubs have endured such turbulent and complicated recent ownership history as Rangers. Supporters will hope that the long-awaited news of new owners will lead to long-term financial sustainability combined with improved on-field performance to an extent that can challenge Celtic's current dominance. Rangers have been the subject of takeover discussions for some months. | SNS Group The consortium have bought 51 per cent of shares, including those owned by Dave King and John Bennett, both former chairmen. As part of the process, Rangers will move from a delisted PLC to a private company. Fans will also hope the change at the top will be closely followed by the arrival of a new manager. An announcement is expected next week, with Davide Ancelotti leading the running. A new sporting director, Kevin Thelwell, will begin on Monday having joined the club from Everton. Advertisement Hide Ad Advertisement Hide Ad Cavanagh, meanwhile, will take his place as chairman and will work closely with Paraag Marathe, who becomes vice-chairman in addition to his current role as chairman of Leeds United. Cavenagh has written an open letter to Rangers supporters where he outlined the aims. 'Simply put – 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,' he pledged. He also promised to take the responsibility of leading the club 'seriously'. SFA approve new owners The Scottish Football Association approved the new majority ownership late on Thursday night. Although there are some dual elements in the deal, Rangers have stressed they are not part of a multi-club operation and will function independently of Leeds United and other sporting entities in the 49ers portfolio, as per Uefa rules for European participation. The deal is subject to shareholder approval at an egm on 23 June. Current chief executive Patrick Stewart will remain in the role. Alistair Johnston, former chairman, is among those stepping down from the board. Fraser Thornton, who was named chairman in December, will remain a board member. Pennsylvania-based Cavenagh, Thornton's replacement as chair, is a business leader and healthcare executive who has attended several games at Ibrox in recent months during the long-running negotiations. He is described in a short biography released by the club as having had a 'four-year collegiate football career as an award-winning goalkeeper and captain'. It points out that he was drawn to Rangers by Ibrox and the passion of the fans. Advertisement Hide Ad Advertisement Hide Ad Andrew Cavenagh's goal for Rangers is simple: win trophies. | SNS Group 'We are deeply grateful for the trust placed in us by the Rangers Board, shareholders, staff, and supporters,' Cavenagh said in a statement. '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 has recently experienced football success in his role as Leeds chairman. The Elland Road club secured promotion back to the English Premier League this season amid renewed excitement at the club. As Rangers vice-chairman, he will now split time between Ibrox and Elland Road as well as the San Francisco Bay Area. However, Cavenagh is expected to be the most visible of the new owners. Mark Taber, Andrew Clayton and Gene Schneur, who is a co-owner of Leeds United, will join Cavenagh and Marathe on the Ibrox board. No fans rep on Rangers board As it stands, there will be no place for a fans' representative on the board. Fans' group Club 1872 were the eighth largest shareholder in the club. Supporter engagement is a key strand of the American sports ethos though what it will look like at Rangers, time will tell. Advertisement Hide Ad Advertisement Hide Ad '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,' said Marathe. '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.' Thornton described what he called 'the new ownership phase' of Rangers as a 'significant step forward'. He added: The incoming shareholders bring not only funding but also deep expertise in strategic planning, infrastructure development, and sporting excellence. On behalf of Rangers, I also want to put on record our appreciation to the outgoing board members who have selflessly served the club. Paraag Marathe will also be heavily involved at Rangers. | Getty Images 'I also want to acknowledge our major shareholders whose backing has brought the club to this point, the vast majority of whom have chosen to reinvest in the club and continue with us on the next stage of the journey.' The journey, of course, is a slightly loaded term these days when used in association with Rangers. It speaks of a long, often fraught odyssey back up the leagues following the club's descent into financial oblivion in 2012. Advertisement Hide Ad Advertisement Hide Ad Even when a return to the top tier was attained, it has rarely run smoothly save for a spell under Steven Gerrard when they won the Scottish title for the first time since 2011. They also reached the Europa League final under Giovanni van Bronckhorst in 2022.
