Latest news with #Marathe
Daily Mirror
2 days ago
- Business
- Daily Mirror
Rangers to officially change name after takeover by US consortium completed
After the club were taken over by a US led consortium, Rangers are set to undergo a name-change, in a move which is provoking a lot of curiosity The parent company of Rangers FC is looking to rebrand following their acquisition of the club. The takeover of the Scottish giants by the US led consortium was officially completed on May 30. The takeover group, that is led by healthcare tycoon Andrew Cavenagh, purchased a 51 per cent controlling stake at the Glasgow giants, after the Scottish FA approved the move. The new owners are overseeing a transition from a public to a private company, pending shareholder approval later this month. Since November 2012, the Ibrox team has been known as 'The Rangers International Football Club PLC', but will now trade under the name 'Rangers International Football Club Limited'. This change ushers in a new era under chairman Cavenagh and 49ers enterprises, led by vice-chairman Paraag Marathe. The proposed shift will be put to a vote at the club's forthcoming Extraordinary General Meeting (EGM), set for June 23 at Glasgow's Doubletree Hilton. To pass, the name change requires a 75 per cent approval rate. Despite their PLC status, Rangers were not publicly listed on the stock exchange. The transition to an LTD ensures shares cannot be offered to the public, providing an additional level of control for the new leadership, reports the Daily Record. The EGM will cover the move to the LTD company, informing shareholders about what they are voting on. Friday's big announcement covered the ordinary resolutions. This includes the allotment of nominal shares, a price that has been set in recent years for directors investing in Ibrox. The club is entering a new era with nine appointments to the revamped board, spearheaded by Cavenagh and Marathe. Patrick Stewart, Eugene Schneur, Andrew Clayton, Mark Taber, Fraser Thornton, John Halsted and George Taylor are the other seven who will play pivotal roles. In an open letter to the Rangers supporters, Cavenagh and Marathe said: "We are proud to be entering a new chapter for this extraordinary club. This moment is the result of months of thoughtful discussions with club leadership and our shared confidence in Rangers' success going forward. "To that end we'd like to tell you a bit about our thinking. 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. "As our first step, we are investing fresh capital into Rangers, which will be strategically deployed on and off the pitch. While we recognise the importance of resources, we believe that thoughtful, disciplined investment, guided by a clear strategy, is the path to enduring success. "Every decision, whether sporting or business, will be made with the club's long-term success and sustainability in mind." Join our new WhatsApp community and receive your daily dose of Mirror Football content. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. If you're curious, you can read our Privacy Notice.
South Wales Guardian
2 days ago
- Business
- South Wales Guardian
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. 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.'
North Wales Chronicle
3 days ago
- Business
- North Wales Chronicle
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. 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.'
Daily Record
3 days ago
- Business
- Daily Record
Meet the 9 new Rangers board members as 49ers takeover shakes up Ibrox make up
It's a new dawn in Govan and with that a completely different feel at the top of the marble staircase as a fresh start begins It's a new dawn at Rangers as their American takeover heralded a fresh start for the Ibrox club. And with that, the boardroom will have an altogether different feel to it at the start of next season. US tycoon Andrew Cavenagh has swept into power along with 49ers Enterprises after they landed 51 percent of Gers. The health insurance billionaire will take his seat as Ibrox chairman but there are a whole host of changes at the top of the marble staircase. Former board members Graham Park, Alistair Johnston and Julian Wolhardt are no longer there, as FIVE new Americans took control - including new vice-chair Paraag Marathe. Patrick Stewart, Rangers' newly appointed CEO, will continue in that role, while ex-chairman Fraser Thornton remains on the board. George Taylor and John Halsted will also give the club continuity by staying on. Here's how the make-up of the new executive Rangers board will look: Andrew Cavenagh Cavenagh is the new chairman of Rangers FC and a successful entrepreneur, chief executive, and investor with decades of business experience. He's spent most of his career in the insurance industry. Cavenagh's leadership and innovative mindset has enabled him to reshape the health insurance landscape. He has founded three insurance companies, including ParetoHealth, which he started in 2011. A life-long football fan, Cavenagh has attended multiple World Cup and European Championships, along with countless club matches. Ibrox and the Rangers support drew him to invest in the club. Cavenagh graduated with a degree in economics from Swarthmore College in Pennsylvania, where he also had a four-year collegiate football career as an award-winning goalkeeper and captain. While he'll make frequent trips to Glasgow, his permanent residence is in Pennsylvania. Paraag Marathe Paraag Marathe is Rangers' new vice-chairman. As Leeds United chairman, Marathe oversees the club's leadership team and their management of all operations. In his first two seasons, the club earned a record number of points in both seasons, as well as promotion back to the Premier League. Marathe's sports career began with the San Francisco 49ers, where he currently serves as both President of 49ers Enterprises and Executive Vice President of Football Operations. In 2024 Marathe joined the board of the NFL UK Foundation, the charitable arm of the NFL within the UK. With sporting roles and passions across the globe, Marathe splits his time between Glasgow, Leeds, and the San Francisco Bay Area. Patrick Stewart remains as CEO and has over three decades of experience in the sports, entertainment and legal industries. He started his career as a commercial lawyer in Scotland, before joining TEAM Marketing in 2001. After five years living and working in Switzerland, Patrick went on to enjoy an 18-year career at Manchester United, during which time he was the club's General Counsel, before being promoted to the football club board and then becoming a director of Manchester United plc and latterly the club's CEO. Patrick joined Rangers FC in December 2024. Eugene Schneur Gene is currently the Managing Director and Co-Founder of SBV RE Investments LLC, a real estate company focused on multi-family housing. From 2004 until its sale in 2023, Gene was the Managing Director and Co-Founder of Omni New York LLC and Omni America LLC, one of the top affordable housing developers in the country. Under his leadership, Omni grew into a full-service real estate organisation which acquired or developed 94 properties with a total transaction value of over $4 billion. Gene and his family currently reside in Miami, Florida. He is a board member and co-owner of Leeds United FC. Andrew Clayton Andrew Clayton is a Co-Founder and Vice Chairman of ParetoHealth, Andrew Cavenagh's Philadelphia based health insurance company. Throughout his 30-year career, Andrew has led growth and strategy efforts for industry leading insurance and risk management companies. Andrew serves on numerous business and philanthropic boards and committees, and has a degree in economics from Swarthmore College. Mark Taber Mark Taber is MD at Great Hill Partners, a Boston-based growth equity firm, where he is responsible for transaction origination, investment policy, fundraising, investor relations, and general management of the firm. Mark focuses on healthcare, spanning the spectrum of payer, provider, pharmacy and medical devices. Mark graduated from the J.L. Kellogg Graduate School of Management, where he was an F.C. Austin Scholar and the Jim Packard Memorial Scholar. He also holds a Bachelor of Arts in public policy from Duke University. Fraser Thornton Fraser has held many senior leadership and board positions throughout his career, in both private and public companies. Having worked in the international drinks industry for the last 30 years, he offers a vast range of experience in stakeholder engagement; spanning political, commercial and public interest groups. Raised in Glasgow, Fraser graduated from the University of Stirling before qualifying as a Chartered Accountant with Price Waterhouse in Glasgow in 1993. He was a council member of the Scotch Whisky Association for 15 years until 2021. Since 2021 Fraser has built a portfolio of non-executive roles across the Scottish corporate landscape. John Halsted John Halsted, an American investor, has over 30 years of private equity experience. Currently based in Wyoming, his business interests span the United States and Europe. He was a founding partner of Pamplona Capital Partners, leading the firm to excel in global investment activities across sectors such as life sciences, energy, industrial, technology, and retail. Halsted has a Bachelor of Arts in Economics from the University of California, Berkeley, and a Masters in Business Administration from the Harvard Business School. In 2021, he became an investor in Rangers through his family's holding company, Perron Investments, LLC. George Taylor George Taylor is a British investment banker and, since 2022, a non-executive director of Rangers International Football Club PLC (RIFC), the holding company of Rangers Football Club. Born in Glasgow, he has been a prominent figure in the financial sector, particularly in Asia, and has played a significant role in the club's financial restructuring and governance. Taylor's career in investment banking has been distinguished, with a significant tenure at Morgan Stanley, having joined in 2001 and currently serves as the head of Investment Banking for Asia Pacific and Board Member of the Asian Private Bank. George has an undergraduate degree in Geography from Durham University and a postgraduate degree from Cambridge University in International Relations. He currently resides in Hong Kong.
UPI
3 days ago
- Business
- UPI
49ers owners complete purchase of Scottish soccer club Rangers
Rangers finished second, behind rival Celtic, in the last four seasons of the Scottish Premiership. Photo by Brian Stewart/EPA May 30 (UPI) -- Healthcare executive Andrew Cavenagh and 49ers Enterprises completed their ownership takeover of Rangers, the Scottish Premiership soccer franchise announced Friday. The new ownership group committed to invest nearly $27 million into the club, which will be subject to shareholder approval. "We are deeply grateful for the trust placed in us by the Rangers board, shareholders, staff, and supporters," Cavenagh said in a news release. "This club's history and traditions speak for themselves, but history doesn't win matches. We know that the true way to honor 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." Cavenagh will serve as board chairman and work with vice chairman Paraag Marathe, who serves as president of 49ers enterprises -- the investment arm of the NFL's San Francisco 49ers. "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," Marathe said. "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." Mark Taber, Andrew Clayton and Gene Schneur will join Marathe and Cavenagh as members of the board. Patrick Stewart, Fraser Thornton, John Halsted and George Taylor will remain with the Rangers board, while Alastair Johnston, Julian Wolhardt and Graeme Park stepped down from the board. 49ers Enterprises also owns Leeds United, which earned promotion to the England Premier League next season. Rangers (22-7-9) finished second -- behind rival Celtic -- four the fourth-consecutive season in the Scottish Premiership standings. They last won the league in 2020-21.
