US consortium complete Rangers takeover and promise £20m investment
US consortium completes Rangers takeover with promise to take club back to the ‘top’
- A US consortium, led by Andrew Cavenagh and 49ers Enterprises, has completed its Takeover of rangers, pledging to restore the club to its peak.
- The new leadership now owns 51% of rangers after purchasing shares and has committed to investing £20m, primarily in players.
- Healthcare executive Andrew Cavenagh will become chairman, and Paraag Marathe, chairman of Leeds and president of 49ers Enterprises, will be vice-chairman.
- The Scottish Football Association approved the deal after rangers addressed dual ownership concerns, as 49ers Enterprises holds a majority stake in Leeds.
- rangers are set to intensify their search for a new manager, with Davide Ancelotti, the outgoing Real Madrid assistant manager, being a leading candidate.