A new era at Rangers Football Club began just after 11 p.m. on Thursday night, when the final e-signature was received, certifying a group of American investors led by Andrew Cavenagh and 49ers Enterprises as new majority shareholders at Ibrox.
The purchase is expected to result in a significant cash injection of up to £20 million into the club’s football activities.
It is no longer necessary to pay up a pound coin to gain control of Rangers. Few clubs have had a more volatile and confusing recent ownership history than Rangers, which includes David Murray, Dave King, Craig Whyte, Charles Green, and Mike Ashley.
Supporters will hope that the long-awaited announcement of new owners would result in long-term financial sustainability, as well as improved on-field performance sufficient to threaten Celtic’s present dominance.
The consortium acquired 51% of the shares, including those owned by Dave King and John Bennett, both former chairmen. As part of the process, Rangers will be converted from a delisted PLC to a private business.
Fans will also hope that the leadership transition will be followed by the appointment of a new manager. An announcement is likely next week, with Davide Ancelotti leading the charge. Kevin Thelwell, the club’s new sporting director, will begin work on Monday after joining from Everton.
Cavanagh, meantime, will take over as chairman and will collaborate closely with Paraag Marathe, who will become vice-chairman in addition to his existing position as chairman of Leeds United. Cavenagh has penned an open letter to Rangers supporters outlining his goals. “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,” he told the audience. He also promised to take the leadership of the club “seriously”.
SFA approve new owners
The Scottish Football Association accepted the new majority ownership late Thursday night. Although there are certain dual features in the agreement, Rangers have stated that they are not part of a multi-club operation and would operate independently of Leeds United and other sporting enterprises in the 49ers portfolio, in accordance with Uefa criteria for European participation. The transaction is subject to shareholder approval at a meeting on June 23.
Patrick Stewart, the current CEO, will continue in his job. Alistair Johnston, the previous chairman, is among those leaving the board. Fraser Thornton, who was appointed chairman in December, will remain a board member.
Pennsylvania-based Cavenagh, Thornton’s replacement as chair, is a business leader and healthcare executive who has attended several Ibrox games in recent months as part of the ongoing negotiations. According to a short biography given by the club, he enjoyed a “four-year collegiate football career as an award-winning custodian and captain”. It mentions that he was enticed to Rangers because of Ibrox and the fans’ devotion.
“We are deeply grateful for the trust placed in us by the Rangers Board, shareholders, staff, and supporters,” Cavenagh said in a statement. “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’s job as chairman of Leeds United has recently brought him football glory. This season, the Elland Road team gained promotion back to the English Premier League, sparking renewed optimism at the club.
As Rangers vice-chairman, he will now divide his time between Ibrox and Elland Road, as well as the San Francisco Bay Area. Cavenagh is expected to be the most noticeable of the new owners. Mark Taber, Andrew Clayton, and Gene Schneur, Leeds United’s co-owner, will join Cavenagh and Marathe on the Ibrox board.
No fans rep on Rangers board
“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,” said Marathe. “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.”
Thornton described what he called “the new ownership phase” of Rangers as a “significant step forward”. He added: 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.”
Of course, when used in conjunction with Rangers, the term “journey” has become somewhat loaded. It describes a long, often tumultuous journey back up the leagues after the club fell into financial ruin in 2012.
Even since returning to the top tier, things have rarely gone easily, with the exception of a season under Steven Gerrard in which they won the Scottish title for the first time since 2011. They also advanced to the Europa League final in 2022 under Giovanni van Bronckhorst.
Since then, Rangers have fired three managers, including Van Bronckhorst. They have only won one major trophy, the League Cup in 2023 under Philippe Clement, and ended 17 points behind winners Celtic in this season’s title campaign. As the new owners are aware, there is much to be done simply to keep up with the competition.
