A consortium of investors led by the US owners of Leeds United and the American football outfit San Francisco 49ers has acquired a majority stake in Rangers.
The club have announced that a consortium led by Andrew Cavenagh and 49ers Enterprises has purchased a majority stake, with approval from the Scottish FA.
The new leadership has committed to invest £20m into Rangers, which will be subject to shareholder approval at a general meeting on 23 June 2025.
49ers Enterprises includes Leeds United in the ownership portfolio.
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. Marathe is the president of 49ers Enterprises, a sports investment entity also led by San Francisco 49ers CEO Jed York, and chairman of Leeds United.
Andrew 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.”
Paraag 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.”
Mark Taber, Andrew Clayton and Gene Schneur will join Cavenagh and Marathe as new members of the board. Patrick Stewart, Fraser Thornton, John Halsted, and George Taylor will remain on the board, while Graeme Park, Julian Wolhardt, and Alastair Johnston are stepping down.
Ibrox Stadium. Credit: Creative Commons
Copyright for syndicated content belongs to the linked Source link
