The change of ownership at Glasgow Rangers is complete. A consortium led by Andrew Cavenagh and the investment company of the San Francisco 49ers has secured a majority stake.
The takeover had been in the works for some time, and now it is complete: As Glasgow Rangers announced on Friday, an investor consortium led by Andrew Cavenagh and 49ers Enterprises Global Football Group is acquiring 51 percent of the shares in the Scottish record champions. In April, this deal with the investment arm of the NFL franchise San Francisco 49ers was already close to completion, but at that time the approval of the Scottish Football Association (SFA) was still pending. The SFA has now given its approval.
The club’s former chairman, Fraser Thornton, sees the agreement as a “significant step” for Rangers. “The new shareholders bring not only financial resources, but also in-depth expertise in strategic planning, infrastructure development and sporting excellence,” said Thornton.
Investment of €24 million planned
For 49ers Enterprises Global Football Group, this is the next football club takeover within two years. In July 2023, the NFL franchise’s investment company took full control of Leeds United in a deal worth around €200 million. To circumvent Scottish regulations prohibiting a multi-club ownership model, former banker Cavanagh is playing a key role in the deal with Glasgow Rangers.
However, the US investors ruled out early on that Rangers would act as a farm team for Leeds. Instead, they are planning a new strategic vision for the future of the club, in which both sporting success and financial sustainability will be at the forefront. To this end, the consortium plans to invest £20 million (around €24 million) in Rangers. However, this requires the approval of the remaining shareholders at the general meeting in June.
The existing management bodies will also be restructured. Cavenagh will act as club chief executive and chairman in the future. Paraag Marathe, president of 49ers Enterprises and club chairman at Leeds United, will join the Rangers board as deputy chairman.
“You can’t win games with history.”
Paraag Marathe is looking forward to his new role: “We at 49ers Enterprises have a proven track record in sports and business. We are excited to usher in a new era for this iconic club and are determined to build something that fans can be proud of for years to come.”
His business partner Cavenagh added: “The history and traditions of this club speak for themselves, but history doesn’t win games. We know that the true way to honor the club’s legacy is to improve performance. Our focus is simple: improve performance, deliver results, and get the Rangers back where they belong—at the top.”
The new majority owners said they were “grateful for the trust that the board, shareholders, employees, and fans of Rangers have placed in us.”
