Rangers takeover: Andrew Cavenagh and 49ers Enterprises full takeover of Scottish Premiership membership

The US consortium, led by healthcare tycoon Andrew Cavenagh and the 49ers Enterprises, has accomplished its takeover of Rangers.

The group of traders have acquired a 51 per cent controlling stake within the Scottish Premiership membership, following approval from the Scottish FA.

Rangers mentioned in a press release the “consortium will chart a new strategic vision for the club’s future, prioritising on-pitch performance and long-term financial sustainability”.

Cavenagh will lead the consortium, with help from the San Francisco 49ers funding arm, the 49ers Enterprises, and different traders.

The brand new homeowners have dedicated to take a position £20m at the moment, topic to approval at an Extraordinary Basic Assembly on June 23.

Sky Sports activities Information revealed in April that the membership and group had been in “productive conversations” that began final October.

Will there be boardroom modifications?

Following the takeover, Cavenagh has been appointed chairman, whereas Paraag Marathe – who’s the 49ers Enterprises president – will take up the position of vice chairman.

Patrick Stewart will proceed as CEO, whereas the likes of Fraser Thornton, John Halsted, and George Taylor will stay on the board.

Lengthy-standing board members Graeme Park, Julian Wolhardt, and Alastair Johnston are stepping down, with Mark Taber, Andrew Clayton and Gene Schneur becoming a member of as a part of a brand new setup.

Schneur is co-founder and managing director of actual property firm SBV RE Investments LLC. He’s additionally co-owner of Leeds United.

Clayton is co-founder and vice chair of Cavenagh’s ParetoHealth agency, whereas Taber is managing director at Boston-based development fairness agency Nice Hill Companions.

It’s understood Cavenagh and Marathe will likely be in Glasgow regularly to assist run the membership, however can even be concerned from a far.

‘A brand new period for this iconic membership’

Talking after taking management at Ibrox, Cavenagh mentioned: “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 all know that the true technique to honour the membership’s heritage will likely be to drive efficiency. Our focus is straightforward: elevate efficiency, ship outcomes, and convey Rangers again to the place it belongs – on the high.”

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’re excited to affix Andrew and our different consortium of traders in a brand new period for this iconic membership, and we’re decided to construct one thing that supporters may be happy with for years to come back.”

How did the US group gain control?

Rangers’ single largest shareholder Dave King is one in all two key figures who offered his total stake within the membership.

King had a 12.96 per cent shareholding, and one supply had steered the US group had been one in all three severe events to method the previous Ibrox chairman over investing within the membership.

Former chairman John Bennett is the opposite shareholder who has parted together with his full shareholding, which stood at simply over seven per cent.

The US consortium then acquired shares from different traders to achieve their goal of 51 per cent.

Who’re the traders?

Cavenagh is co-founder of US-based ParetoHealth – who handle round £5.2bn ($6.6bn) in property and canopy a couple of million lives throughout hundreds of companies.

Earlier this 12 months, ParetoHealth introduced Cavenagh was stepping down as chief government officer of the US agency, though added he would nonetheless assist the corporate by his government chairman position. He has been an everyday at Ibrox this season and has been joined by 49ers technical director Gretar Steinsson.

The 49ers Enterprises had been valued at £5.1bn ($6.8bn) by Forbes final August and Rangers are the second British membership the NFL giants have invested in. They initially bought a small stake in Leeds United in 2018, earlier than finishing a takeover in 2023.

Following Leeds’ promotion to the Premier League, EFL twin possession guidelines is not going to current any concern in finalising the deal. A Scottish FA course of then dominated that twin curiosity issues weren’t a difficulty as Marathe and co accomplished their takeover at Ibrox.

‘A major step ahead for Rangers’

Thornton – who served as chairman – will stay on the board and mentioned: “This new ownership phase represents a significant step forward for Rangers FC. The incoming shareholders bring not only funding but also deep expertise in strategic planning, infrastructure development, and sporting excellence.

“On behalf of Rangers, I additionally need to placed on file our appreciation to the outgoing board members who’ve selflessly served the membership. I additionally need to acknowledge our main shareholders whose backing has introduced the membership so far, the overwhelming majority of whom have chosen to reinvest within the membership and proceed with us on the following stage of the journey.”

Patrick Stewart added: “From my earliest conversations with Paraag and Andrew, I’ve been excited and assured within the shared imaginative and prescient and what it may imply for the way forward for 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.”

What’s on the to-do listing?

The primary job will likely be to nominate a brand new head coach and to assist that, new sporting director Kevin Thelwell formally joins from Everton on Monday.

It’s believed he has been working within the background on the seek for Philippe Clement’s everlasting successor, with Rangers within the closing levels of that course of.

Sky Sports activities Information confirmed on Thursday that former boss Steven Gerrard is not going to be returning to the Ibrox dugout, regardless of holding talks.

Rangers are as a substitute prioritising different candidates, together with the likes of Davide Ancelotti and Russell Martin.

May Rangers develop into a feeder membership?

The quick reply to that is no. Marathe is chairman of Leeds, in addition to 49ers Enterprises president. Nonetheless, his involvement at Ibrox is not going to end result within the Premiership aspect coming into a multi-club mannequin to help Leeds.

“Multi-club from the standpoint of like a hierarchy of clubs that maybe some other folks do – that’s not really how we look at it,” he instructed the Monetary Occasions Business of Soccer Summit in February.

“Leeds Utd stands alone and if we were to look or pursue another club, that club would stand alone on its own.

“Are there economies of scale advantages to having management and possession of a number of golf equipment? Completely with what you may share and do on the business aspect. Even typically what you are able to do on the sporting aspect.

“We haven’t contemplated it as one club is a feeder club to another. Each club deserves all of our attention and effort.”

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