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

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

The group of buyers 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 brand new strategic imaginative and prescient for the membership’s future, prioritising on-pitch efficiency and long-term monetary sustainability”.

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

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 have 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 function 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 probably be in Glasgow steadily to assist run the membership, however will even be concerned from a far.

‘A brand new period for this iconic membership’

In an open letter to the Rangers supporters, Cavenagh and Marathe mentioned: “We’re proud to be coming into a brand new chapter for this extraordinary membership. This second is the results of months of considerate discussions with membership management and our shared confidence in Rangers’ success going ahead.

“To that finish we would prefer to let you know a bit about our considering.

“Merely put – our objective is to win trophies in Scotland and have the ability to compete at a excessive degree in Europe, whereas laying a basis of monetary sustainability for the longer term.

“As our first step, we’re investing recent capital into Rangers, which will probably be strategically deployed on and off the pitch. Whereas we recognise the significance of sources, we consider that considerate, disciplined funding, guided by a transparent technique, is the trail to enduring success. Each resolution, whether or not sporting or enterprise, will probably be made with the membership’s long-term success and sustainability in thoughts.

“We intention to leverage the total energy of 49ers Enterprises’ sporting experience and operational expertise, and are assured in Patrick Stewart and Kevin Thelwell to steer this subsequent part. Our first precedence collectively is obvious: hiring a brand new males’s Head Coach. That course of is already nicely underway, and we look ahead to sharing extra updates quickly. We will even look to spend money on expertise for our groups.

“Shifting ahead, we’re reconstituting the Board to herald a number of new voices and ability units. All of us owe a particular due to the earlier Board for his or her service. They stepped up in a troublesome second when the membership wanted them and laid the inspiration for what comes subsequent.

“Above all, we all know that true success comes from understanding and honouring what makes this membership particular. In our time attending to know Ibrox, Glasgow, and also you, we have felt the satisfaction, historical past, and fervour that set Rangers aside. You could have made it clear what this membership means to you, and we take the duty of main this membership significantly.

“We look ahead to seeing you at Ibrox quickly. For now, we’ll maintain working, and we will not anticipate what’s forward.”

How did the US group achieve management?

Rangers’ single largest shareholder Dave King is certainly one of two key figures who bought his whole stake within the membership.

King had a 12.96 per cent shareholding, and one supply had steered the US group have been certainly one of 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 buyers to succeed in their goal of 51 per cent.

Who’re the buyers?

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

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

The 49ers Enterprises have 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 won’t current any concern in finalising the deal. A Scottish FA course of then dominated that twin curiosity considerations 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 possession part represents a major step ahead for Rangers FC. The incoming shareholders convey not solely funding but additionally deep experience in strategic planning, infrastructure growth, 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 up to now, 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’s on the arduous work forward, making ready totally for the brand new season, appointing the precise males’s head coach, and making certain we’ve got the buildings in place to help success on the pitch.”

What’s on the to-do checklist?

The primary activity will probably 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 last phases of that course of.

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

Rangers are as an alternative 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. Nevertheless, his involvement at Ibrox won’t end result within the Premiership facet coming into a multi-club mannequin to help Leeds.

“Multi-club from the standpoint of like a hierarchy of golf equipment that perhaps another of us do – that is not likely how we have a look at it,” he advised the Monetary Instances Enterprise of Soccer Summit in February.

“Leeds Utd stands alone and if we have been to look or pursue one other membership, that membership would stand alone by itself.

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

“We’ve not contemplated it as one membership is a feeder membership to a different. Every membership deserves all of our consideration and energy.”

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