The deal is set to trigger a new cash injection of up to £20 million in the club for football operations and will see a huge shift in personal, including Cavenagh who will be the new chairman and 49ers Enterprises, whilst chief Paraag Marathe will join the board as vice-chairman alongside Mark Tober, Andrew Clayton and Gene Schneur as part of the new regime.
A statement confirming the completion of the deal read:
“Rangers Football Club is pleased to announce that a consortium of investors, led by Andrew Cavenagh and 49ers Enterprises, had 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 £20M into the club at this time, which will be subject to shareholder approval at the General Meeting on June 23, 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.”
The consortium have bought 51 per cent of shares, including those owned by Dave King and John Bennett, both former chairmen who will now depart in what is a new era for the club. There is a lot to do to catch up with league winners Celtic which includes hiring a new manager ahead of next season where the club may finally start to turn around.