Latest news with #FraserThornton
CNA
3 days ago
- Business
- CNA
Rangers takeover completed by US consortium
An American consortium of investors led by Andrew Cavenagh and 49ers Enterprises has purchased a majority stake in Rangers, the Scottish Premiership side confirmed on Friday. The takeover has been approved by the Scottish Football Association, Rangers said in a statement, adding that the new leadership has committed to invest 20 million pounds ($26.95 million) into the club. "This new ownership phase represents a significant step forward for Rangers FC," said Rangers chairman Fraser Thornton. "The incoming shareholders bring not only funding but also deep expertise in strategic planning, infrastructure development, and sporting excellence." Rangers finished their domestic campaign second behind champions Celtic for the fourth consecutive year, last winning the league in 2020-21. Both teams are tied on 55 championships. "This club's history and traditions speak for themselves, but history doesn't win matches," health insurance tycoon Cavenagh said. "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." Rangers will compete in the Champions League second qualifying round for a chance to play in next season's competition. ($1 = 0.7421 pounds)
Reuters
3 days ago
- Business
- Reuters
Rangers takeover completed by US consortium
May 30 (Reuters) - An American consortium of investors led by Andrew Cavenagh and 49ers Enterprises has purchased a majority stake in Rangers, the Scottish Premiership side confirmed on Friday. The takeover has been approved by the Scottish Football Association, Rangers said in a statement, adding that the new leadership has committed to invest 20 million pounds ($26.95 million) into the club. "This new ownership phase represents a significant step forward for Rangers FC," said Rangers chairman Fraser Thornton. "The incoming shareholders bring not only funding but also deep expertise in strategic planning, infrastructure development, and sporting excellence." Rangers finished their domestic campaign second behind champions Celtic for the fourth consecutive year, last winning the league in 2020-21. Both teams are tied on 55 championships. "This club's history and traditions speak for themselves, but history doesn't win matches," health insurance tycoon Cavenagh said. "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." Rangers will compete in the Champions League second qualifying round for a chance to play in next season's competition. ($1 = 0.7421 pounds)
BBC News
3 days ago
- Business
- BBC News
'We are deeply grateful for the trust placed in us'
Andrew Cavenagh has expressed his determination to "bring Rangers back to where it belongs - at the top" after his American consortium completed its takeover of the club."We are deeply grateful for the trust placed in us by the Rangers board, shareholders, staff, and supporters," said Cavenagh, who is now Ibrox chairman."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."Paraag Marathe, who will hold dual roles as Leeds United chairman and Rangers vice-chairman, said: "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."Fraser Thornton, who relinquishes his role as Rangers chairman but remains on the board, said the new ownership "represents a significant step forward" for the 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. 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."
Daily Mail
3 days ago
- Business
- Daily Mail
Rangers takeover finally complete as American investors secure 51 per cent stake in club... and promise £20m cash injection to improve playing squad
Rangers ' American takeover has finally been completed — with the consortium securing a 51 per cent stake in the club late last night. Led by health care tycoon Andrew Cavenagh and 49ers Enterprises, the group signed the paperwork which saw them take control at Ibrox around 11pm. The deal, which has been approved by the Scottish Football Association, will see an initial £20million invested in the club subject to shareholder approval on June 23. This cash will primarily be earmarked to rebuild the playing squad. Cavenagh will be become the new board's chairman and will work closely with Paraag Marathe, president of 49ers Enterprises, who will fill the role of vice-chair. Current chairman Fraser Thornton will remain on the board alongside chief executive Patrick Stewart, John Halsted and George Taylor. Mark Tober, Andrew Clayton and Gene Schneur will also join the board with Graeme Park, Julian Wolhardt and Alastair Johnston stepping down but remaining shareholders. Dave King and John Bennett are no longer shareholders in the club. A statement confirming the completion of the deal read: 'Rangers Football Club is pleased to announce that a consortium of investors, led by Andrew Cavenagh and 49ers Enterprises, had purchased a majority stake in the club, with approval from the Scottish FA. 'The consortium will chart a new strategic vision for the club's future, prioritising on-pitch performance and long-term financial sustainability. 'The new leadership has committed to invest £20million into the club at this time, which will be subject to shareholder approval at the General Meeting on June 23, 2025. 'Cavenagh, a business leader and healthcare executive, will serve as board chairman. 'He will work closely with Paraag Marathe, who joins the Board as vice-chairman and is the president of 49ers Enterprises, a sports investment entity also led by San Francisco 49ers CEO Jed York. 'Cavenagh and Marathe have spent decades leading highly successful businesses and world-class sports brands and as part of the board will oversee all aspects of the club in this next chapter.' 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 to belongs — at the top.' Marathe said: '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.' Chief executive Stewart added: '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.' As well as the resolution to approve the £20m investment via the issue of new equity, those attending the General Meeting late next month will also be asked to back a move to make the company private — a change from his current status as an unlisted plc. The club's search for a new manager looks set to be concluded early next week with sporting director Kevin Thelwell officially starting his new job on Monday. Davide Ancelotti, Russell Martin, Francesco Farioli and Brian Priske now appear to be the remaining names in contention after Steven Gerrard thought twice about returning to the club.
Daily Record
01-05-2025
- Business
- Daily Record
5 burning Rangers takeover questions answered as fans gripped by 49ers fever and consortium priority revealed
The big day is edging ever closer with a deal imminent and Record Sport's Andy Newport looks at some of the key issues 49ers fever is gripping Glasgow's blue half as the Rangers faithful wait for news on the club's impeding takeover. Chairman Fraser Thornton and CEO Patrick Stewart rolled out the red carpet this week as the American consortium were given a guided tour of Ibrox. But what happens next as the two sides inch closer to the deal the Light Blue legions have been waiting for? All systems go, right? Not quite. This a deal of some complexity given the scattering of shares held amongst Rangers' multitude of shareholders. The buying consortium have struck agreements to but the stakes owned by John Bennett and Dave King outright while they will snap up portions of the tranches held by other significant investors. But each of these transactions must go through their own legal process and that is proving to be a time-consuming exercise. It could be several weeks yet before Andrew Cavenagh and his partners from the San Francisco 49ers get their hands on the keys to Ibrox and assume full control. In the meantime, though, planning for the future is ploughing on in consultation between the current owners and the soon-to-be new men in charge. The consortium were very much involved in the decision to appoint Kevin Thelwell as sporting director and they will weigh in again as the former Everton recruitment boss chases down the club's new boss. The clock is ticking, however. As things stand, Rangers will kick off the new season with their first Champions League qualifier on July 23/24. That could be nudged back a fortnight if Athletic Bilbao were to win the Europa League and hand Gers a bye through to the third round of preliminaries. But as things stand, the Gers squad would be required to assemble for pre-season training in the middle of June, leaving only six weeks to find a new boss and assemble his new-look squad. Who's the frontman? US health insurance tycoon Cavenagh has been the most regular visitor of the consortium's money men to Glasgow these past few months. From witnessing fan protests on his first visit for a league game against St Johnstone back in January to the Europa League thriller against Fenerbahce, he has seen the full gambit of Ibrox emotions for himself. It's understood he'll be in the directors box again on Sunday as Gers look to make it three straight derby wins over Celtic and the expectation is he'll be a regular again next season once he's snatched control with his American partners. But it remains to be seen if Paraag Marathe will be quite as prominent a face. He's a long-serving 49ers exec having spent 24 years with the NFL outfit but has branched out responsibilities lately having taken over as chairman of Leeds United. He'll have plenty on his hands down in Yorkshire next year having overseen the Peacocks' return to the Premier League and announced plans for a major expansion of Elland Road. But the 49ers expect to have at least one seat on the board next year next to Cavenagh's, while Gretar Steinsson - the 49ers' chief football advisor - will work hand in hand with Thelwell to ensure Rangers avoid a repeat of past recruitment mistakes. However, there will be a need to keep some boots on the ground in terms of the board slots. Gers have had difficulties in recent years coordinating their blazers given their far-flung spread across the globe, with directors based everywhere from London to America and the Far East. It's been suggested that could open the door for chairman Thornton and CEO Stewart to stay on after the takeover goes through. What's the priority? Finding a new manager is top of the list. Barry Ferguson has been given the opportunity to impress and repeat of his Parkhead triumph when Celtic visit Ibrox this weekend would not do him any harm. But there's a growing mood that Rangers need a more experienced hand to guide them through the turbulent early stages of the club's new era. Steven Gerrard and Marco Rose are favourites with the bookies but it will be Thelwell's job to whittle down a short-list and present it to the new regime. But he doesn't have much time. The current Ibrox squad has proved it is not up to standard having fallen 17 points off Celtic's title-winning pace and yet again, a major overhaul is required. Looking to the long term, upgrades to Ibrox would win over supporters who have grown concerned by the tired nature of the stadium. There have been discussions on that front but they remain a long way down the new owner's immediate to-do list. Ultimate aim? Cavenagh and his colleagues know what they are getting themselves into in Glasgow, where finishing second is as good as last. Celtic have been allowed to rule the roost for over a decade, racking up 13 of the last 14 league crowns. Bu having experience in the ultra-competitive NFL scene, the 49ers side of the deal are confident they can utilise their sporting expertise to get Rangers back to winning ways having themselves reached three Superbowls in the last 13 years. Their dabbling in soccer began in 2018 when they bought a minority stake in Leeds, at that time run by erratic Italian Massimo Cellino. They've gradually increased their holding since then, eventually claiming a majority stake in 2023. That has coincided with a return to winning ways and Leeds will be back amongst the Premier League's big boys next term. Now their aim is to restore Rangers to the top of Scottish football and eventually establish the club as a Champions League regular. There's an acknowledgment that it will take time for that to happen but the consortium are aiming high. Gers riches? There's eager talk amongst the Ibrox faithful that their team is about to become the richest club in Scotland. But perhaps a word of caution is required on that front. Cavenagh and the 49ers will certainly have to invest some big sums up front. But much of those readies will be required first and foremost for the purchasing of shares and to wipe out the eight-figure debts still owed to investors likes Bennett, George Taylor and Douglas Park. A decent transfer budget will be set aside too but the new custodians are wary of terms like 'war chests' being bandied about. A look at Leeds' last year gives an indication of the approach that will be taken. Daniel Farke's team won promotion with a transfer spend of £32million having allowed £162million worth of talent to move on. That's the kind of player trading model Rangers have been trying and failing to establish for years. The hope is now that the new owners can finally get it fired up and running, with the focus on buying the right players at the right price and selling them for a profit.
