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.
After months of negotiation and due diligence, the US-led takeover of Rangers is complete
American health tycoon Andrew Cavenagh will take up the position of chairman of the club
The new investors expect to make £20million available next month for squad improvements
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.
Current chief executive Patrick Stewart will continue to play an integral role in the boardroom
‘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.
