Rangers takeover by Andrew Cavenagh and 49ers complete
Rangers have a new majority ownership after Andrew Cavenagh and 49ers Enterprises completed their takeover of the club.
The American-based consortium have been in talks over the move for a number of months with the paperwork now finalised.
An initial investment of £20million will be made this summer which is subject to shareholder approval next month.
Cavenagh has been installed as board chairman with Paraag Marathe serving the board as vice chairman.
Mark Taber, Andrew Clayton and Gene Schneur also join as new members of the board and join existing members Patrick Stewart, Fraser Thornton, John Halsted, and George Taylor.
Graeme Park, Julian Wolhardt and Alastair Johnston are all stepping down from their positions.
A club statement read: "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.
"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.
Consortium leader, 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 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.”
Chief executive 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."
Open Letter to Supporters
Andrew Cavenagh and Paraag Marathe have penned an open letter to supporters upon completing their takeover.
The pair have outlined winning trophies in Scotland and competing at a high level in Europe as their main goals off the pitch.
Laying a foundation of a future of financial stability off the pitch is also a top priority.
The pair say the process of hiring a new manager is well underway and that an update will follow soon.
The letter reads: "Dear Rangers Supporters,
"We are proud to be entering a new chapter for this extraordinary club. This moment is the result of months of thoughtful discussions with club leadership and our shared confidence in Rangers’ success going forward.
"To that end we’d like to tell you a bit about our thinking.
"Simply put – our goal is to win trophies in Scotland and be able to compete at a high level in Europe, while laying a foundation of financial sustainability for the future.
"As our first step, we are investing fresh capital into Rangers, which will be strategically deployed on and off the pitch. While we recognise the importance of resources, we believe that thoughtful, disciplined investment, guided by a clear strategy, is the path to enduring success. Every decision, whether sporting or business, will be made with the club’s long-term success and sustainability in mind.
"We aim to leverage the full strength of 49ers Enterprises’ sporting expertise and operational experience, and are confident in Patrick Stewart and Kevin Thelwell to lead this next phase. Our first priority together is clear: hiring a new men’s Head Coach. That process is already well underway, and we look forward to sharing more updates soon. We will also look to invest in talent for our teams.
"Moving forward, we are reconstituting the Board to bring in a few new voices and skill sets. We all owe a special thanks to the previous Board for their service. They stepped up in a difficult moment when the club needed them and laid the foundation for what comes next.
"Above all, we know that true success comes from understanding and honouring what makes this club special. In our time getting to know Ibrox, Glasgow, and you, we’ve felt the pride, history, and passion that set Rangers apart. You have made it clear what this club means to you, and we take the responsibility of leading this club seriously.
"We look forward to seeing you at Ibrox soon. For now, we’ll keep working, and we can’t wait for what’s ahead."
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