The US consortium, led by healthcare tycoon Andrew Cavenagh and the 49ers Enterprises, has completed its takeover of Rangers.
The group of investors have acquired a 51 per cent controlling stake in the Scottish Premiership club, following approval from the Scottish FA.
Rangers said in a statement 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 support from the San Francisco 49ers investment arm, the 49ers Enterprises, and other investors.
The new owners have committed to invest £20m at this time, subject to approval at an Extraordinary General Meeting on June 23.
Sky Sports News revealed in April that the club and group were in “productive conversations” that started last October.
Will there be boardroom changes?
US Health tycoon Andrew Cavenagh (L) is the new Rangers chairman
Following the takeover, Cavenagh has been appointed chairman, while Paraag Marathe – who is the 49ers Enterprises president – will take up the role of vice chairman.
Patrick Stewart will continue as CEO, while the likes of Fraser Thornton, John Halsted, and George Taylor will remain on the board.
Patrick Stewart (C) and Fraser Thornton will remain at Rangers following the takeover
Long-standing board members Graeme Park, Julian Wolhardt, and Alastair Johnston are stepping down, with Mark Taber, Andrew Clayton and Gene Schneur joining as part of a new setup.
Schneur is co-founder and managing director of real estate company SBV RE Investments LLC. He is also co-owner of Leeds United.
Clayton is co-founder and vice chair of Cavenagh’s ParetoHealth firm, while Taber is managing director at Boston-based growth equity firm Great Hill Partners.
It is understood Cavenagh and Marathe will be in Glasgow frequently to help run the club, but will also be involved from a far.
‘A new era for this iconic club’
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Health insurance tycoon Andrew Cavenagh and Gretar Steinsson of the San Francisco 49ers were at Ibrox for Rangers’ Europa League quarter-final earlier this season
Speaking after taking control at Ibrox, 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.”
Leeds United chairman Paraag Marathe had been at some Rangers matches last season
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.”
How did the US group gain control?
Dave King (L) and John Bennett have sold their shareholdings to the US investors
Rangers’ single largest shareholder Dave King is one of two key figures who sold his entire stake in the club.
King had a 12.96 per cent shareholding, and one source had suggested the US group were one of three serious parties to approach the former Ibrox chairman over investing in the club.
Former chairman John Bennett is the other shareholder who has parted with his full shareholding, which stood at just over seven per cent.
The US consortium then acquired shares from other investors to reach their target of 51 per cent.
Who are the investors?
Andrew Cavenagh (L) has been joined at Ibrox this season by 49ers Enterprises chiefs
Cavenagh is co-founder of US-based ParetoHealth – who manage around £5.2bn ($6.6bn) in assets and cover more than one million lives across thousands of businesses.
Earlier this year, ParetoHealth announced Cavenagh was stepping down as chief executive officer of the US firm, although added he would still help the company through his executive chairman role. He has been a regular at Ibrox this season and has been joined by 49ers technical director Gretar Steinsson.
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Exclusive shots from Ibrox earlier this year as health insurance tycoon Andrew Cavenagh was quizzed on the US-led takeover of Rangers
The 49ers Enterprises were valued at £5.1bn ($6.8bn) by Forbes last August and Rangers are the second British club the NFL giants have invested in. They initially purchased a small stake in Leeds United in 2018, before completing a takeover in 2023.
Marathe works for 49ers Enterprises, who are the San Francisco 49ers investment arm (AP Photo/Rick Scuteri)
Following Leeds’ promotion to the Premier League, EFL dual ownership rules will not present any issue in finalising the deal. A Scottish FA process then ruled that dual interest concerns were not an issue as Marathe and co completed their takeover at Ibrox.
‘A significant step forward for Rangers’
Rangers CEO Patrick Stewart (L) and Fraser Thornton (R) have praised the takeover deal
Thornton – who served as chairman – will remain on the board and said: “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 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.”
Patrick 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.”
What is on the to-do list?
Davide Ancelotti and Russell Martin are among those who are in the race to become Rangers boss
The first task will be to appoint a new head coach and to aid that, new sporting director Kevin Thelwell officially joins from Everton on Monday.
It is believed he has been working in the background on the search for Philippe Clement’s permanent successor, with Rangers in the final stages of that process.
Sky Sports News confirmed on Thursday that former boss Steven Gerrard will not be returning to the Ibrox dugout, despite holding talks.
Rangers are instead prioritising other candidates, including the likes of Davide Ancelotti and Russell Martin.
Could Rangers become a feeder club?
Leeds were promoted to the Premier League this season
The short answer to this is no. Marathe is chairman of Leeds, as well as 49ers Enterprises president. However, his involvement at Ibrox will not result in the Premiership side entering a multi-club model to support 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 told the Financial Times Business of Football 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 benefits to having leadership and ownership of multiple clubs? Absolutely with what you can share and do on the commercial side. Even sometimes what you can do on the sporting side.
“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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