THE Rangers takeover has been officially signed and sealed – with consortium tycoon Andrew Cavenagh vowing to take the club to the TOP.
The buy-out deal – backed by San Francisco 49ers Enterprises – has now been confirmed following months of talks.
An initial £20million investment has been promised for summer signings following a proposed share issue which will be outlined at an EGM on June 23.
Frontman Cavenagh takes control as chairman with Paraag Marathe named vice-chairman – after they finally acquired 51 percent of the club late on Wednesday night and secured SFA approval.
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.
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“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 involvement had to be ratified by the SFA given his position as chairman of Leeds United.
And Hampden chiefs have confirmed there are no dual ownership issues.
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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.”
Dave King and John Bennett now have no shares in Rangers after agreeing to sell up.
And the club has now formed a new-look board.
That will include new names Mark Taber, Andrew Clayton and Gene Schneur.
Patrick Stewart, Fraser Thornton, John Halsted, and George Taylor all remain – but Graeme Park, Julian Wolhardt, and Alastair Johnston step down.
The roles will all be ratified at an EGM on June 23.
That will include a resolution to be passed for a share issue and also a motion to move Rangers from being an unlisted PLC to a private company.
Thornton 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.”
New-look Rangers board
Chairman: Andrew Cavenagh
Vice-chair: Paraag Marathe
New board: Mark Taber, Andrew Clayton, Gene Schneur, Patrick Stewart, Fraser Thornton, John Halsted and George Taylor
Stepping down: Graeme Park, Julian Wolhardt and Alastair Johnston
Patrick Stewart said: “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.”
The news will be celebrated by Rangers supporters who have been desperately crying out for change.
A statement released by the club said: “Rangers Football Club is pleased to announce that a consortium of investors, led by Andrew Cavenagh and 49ers Enterprises, has purchased a majority stake in the club, with approval from the Scottish FA.
“The consortium will chart a new strategic vision for the club’s future prioritising on-pitch performance and long-term financial sustainability.
“The new leadership has committed to invest £20 million into the club at this time, which will be subject to shareholder approval at the General Meeting on 23 June 2025.
“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 and is the president of 49ers Enterprises, a sports investment entity also led by San Francisco 49ers CEO Jed York.
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“Cavenagh and Marathe have spent decades leading highly successful businesses and world-class sports brands and, as part of the board, will oversee all aspects of the club in this next chapter.”
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Source: Soccer - thesun.co.uk
