In a major development for Scottish football, a US-based consortium led by private healthcare tycoon Andrew Cavenagh has completed a takeover of Rangers, investing £20m in the club following months of negotiations. The consortium, which includes the investment arm of the San Francisco 49ers, has bought a 51% stake in the Ibrox club. Cavenagh will be confirmed as the new chairman at an annual meeting in June, with Paraag Marathe, the current chairman of Leeds United, serving as vice-chair.
The takeover has been granted approval from the Scottish Football Association, despite 49ers Enterprises holding full control at Leeds United. Mark Taber, Andrew Clayton, and Gene Schneur will join the Rangers board, with Patrick Stewart remaining as chief executive. Current board members Fraser Thornton, John Halsted, and George Taylor will stay on, while Graeme Park, Julian Wolhardt, and Alastair Johnston step down.
Cavenagh expressed his gratitude for the trust placed in the consortium and emphasized the group's focus on elevating performance, delivering results, and returning Rangers to the top. The new sporting director, Kevin Thelwell, is set to start his role on Monday.
Rangers are in the final stages of their search for a new head coach, with Davide Ancelotti and Russell Martin believed to be the leading candidates. Marathe expressed his excitement about joining the Rangers family and their shared vision for the future.
Chief executive Stewart and Thornton expressed their confidence in the new consortium and thanked the major shareholders for their support. Chris McLaughlin, BBC Scotland Sports News Correspondent, analyzed the takeover's implications, emphasizing the need for the new group to deliver the success that the fans have long demanded.
Source: BBC Sports Football
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