€23.7m investment
©TM/IMAGO
A US-based consortium, including the San Francisco 49ers Enterprises, have completed their takeover of Rangers after acquiring a 51% stake in the Scottish Premiership club. The investment group, led by tycoon Andrew Cavenagh have received approval from the Scottish FA after concerns over dual interest fuelled by 49ers Enterprises holding full control at Leeds United.
But the takeover has now been ratified after months of negotiations and Cavenagh will be confirmed as Rangers’ new chairman at Glasgow club’s Annual General Meeting at the end of June – it’s the first time that the Scottish club have been owned by foreign investors. Current Leeds United chairman Paraag Marathe will become Rangers’s vice-chair and the consortium has pledged €23.7million of new investment into the Ibrox side.
Rangers new owners make pledge
In a statement, 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.” Rangers are currently conducting a search for their new permanent manager and it’s understood that former Real Madrid assistant Davide Ancelotti is close to agreeing a deal.
