Rangers FC, one of Scotland’s most prominent soccer teams, is now under the majority ownership of Rangers FC LLC, an investment group spearheaded by US businessman Andrew Cavenagh and 49ers Enterprises. The deal sees the consortium take a 51% stake in the club.

Cavenagh will assume the role of Rangers chair, while Paraag Marathe, president of 49ers enterprises, will become vice chair. The club will receive an immediate injection of £20 million ($26.9 million), earmarked for infrastructure improvements and player acquisitions. Further investments are anticipated in the future.

The acquisition involved the buyout of Dave King, previously the largest shareholder with 12.96% of the club, and former chair John Bennett (7.11%). Julian Wolhardt (6.69%) was also likely bought out.

Douglas Park,George Taylor,and Stuart Gibson will remain significant shareholders,each holding over 5% of the club’s shares,independent of the consortium. John Halsted, a current board member, will also retain shares through Perron investments’ minority stake.

Fraser Thornton, the interim chair, George Taylor, a non-executive director, and patrick Stewart, the chief executive who joined in November, will all remain on the Rangers board.

Eugene Schneur, a US real estate magnate, Andrew Clayton, a health insurance executive, and Mark Taber, an investment firm director from Great Hill Partners, are among the new board members representing the investment consortium.

Graeme Park, Julian Wolhardt, and Alastair Johnston will be stepping down from their board positions.

New Ownership Hopes to Revitalize Rangers FC

Rangers have historically dominated Scottish soccer, with a record 55 league titles. However, their last title win was in 2021, and recent performance has fueled discontent among fans regarding the club’s leadership.

“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.”

The previous shareholders reportedly struggled with the financial demands of running the club, leading to the issuance of £18 million in shares earlier this year.

In a joint statement, Cavenagh and Marathe emphasized their commitment to the club’s future: “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. While we recognize 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.”

The new owners also intend to “leverage the full strength of 49ers Enterprises’ sporting expertise and operational experience.”

This acquisition expands the portfolio of 49ers Enterprises, the investment division of the San Francisco 49ers NFL franchise, which also owns Leeds United, an English Premier League soccer team.

Due to scottish soccer regulations that prevent individuals owning more than 25% of one club while owning another, Cavenagh is heading the consortium, as Marathe is the chair of Leeds United.

Marathe has been with the 49ers for 24 years, currently serving as executive vice president of football operations, chief contract negotiator, and head of analytics.

Cavenagh is the executive chair of ParetoHealth, a large asset manager specializing in captive health insurance. He has a background in commercial banking and insurance brokerage.

the takeover is expected to be formally approved at an extraordinary general meeting on June 23.

49ers Recent Stake Sale

The 49ers recently sold a 6.2% stake in their franchise to three investor groups at an $8.5 billion valuation, setting a new record for sports team valuations.

The stake sale generated $533.2 million. Billionaire vinod Khosla acquired the largest portion, with the families of Byron Deeter (Bessemer Venture Partners) and Will Griffith (Iconiq Growth) also joining the ownership.

Jed York, who also leads 49ers Enterprises, and his family retain 91% ownership of the 49ers, having initially purchased the team in 1977 for $13 million.