US-based group completes Rangers takeover / Photo: ANDY BUCHANAN - AFP
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NYSE - LSE
US-based group completes Rangers takeover
A United States-based group completed their takeover of Scottish Premiership club Rangers on Friday and immediately pledged to make a £20 million ($26 million) investment in new signings.
The consortium of investors, led by Andrew Cavenagh and 49ers Enterprises, purchased a majority 51 percent stake in the Glasgow team.
Funding for the close-season signings will come in the form of a new share issue, subject to shareholder approval at a general meeting on June 23.
Healthcare executive Cavenagh is Rangers' new chairman, while Paraag Marathe, who is chairman of Premier League side Leeds United and the president of 49ers Enterprises, becomes the vice-chairman.
Rangers said the Scottish Football Association approved the deal late on Thursday night after the club sought consent over dual ownership issues.
Sports investment firm 49ers Enterprises also owns a majority stake in Leeds, who won promotion from the Championship this season.
The deal will allow Rangers to step up their recruitment of a new manager.
Real Madrid's departing assistant manager Davide Ancelotti and former Southampton boss Russell Martin are among the leading contenders for the job following the departure of interim boss Barry Ferguson.
"We are deeply grateful for the trust placed in us by the Rangers board, shareholders, staff, and supporters," Cavenagh said.
"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."
Rangers finished second in the Scottish Premier League this season, trailing 17 points behind Old Firm rivals Celtic, and failed to win a trophy.
Rangers haven't won the Scottish title since 2021, with Celtic lifting the trophy 13 times in the last 14 seasons.
Ending Celtic's dominance will be the top priority for Rangers' new owners.
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."
S.AbuJamous--SF-PST