49ers Enterprises complete Rangers takeover

A US consortium led by 49ers Enterprises and Andrew Cavanagh have completed their takeover of Scottish Premiership side Rangers.

Receiving approval from the Scottish FA, the cohort of investors have completed a deal to acquire a 51% controlling stake in the Ibrox club.

An investment wing of the San Francisco 49ers NFL franchise, 49ers Enterprises also own newly promoted Premier League outfit Leeds United and Whites chairman Paraag Marathe has been heavily involved in the negotiation process to purchase Rangers.

Initial talks regarding a takeover commenced in October and those discussions accelerated in April with departing executive Dave King one of two key figures to sell his entire stake in the club.

The new leadership regime have pledged to invest £20m straight away, which will be subject to shareholder approval in the club's general meeting at the end of June.

Cavenagh will assume the position of chairman, while Marathe is set to divide his duties with Leeds by fulfilling the role as Rangers vice-chairman.

On the official Rangers website, 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.

49ers Enterprises were valued at £5.1bn ($6.8bn) by Forbes last August and Marathe outlined their intentions to restore Rangers at the summit of Scottish football.

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.”

The first item on the consortium's agenda will be to appoint a new manager after the club opted against extending Barry Ferguson's stay beyond the current season.

Davide Ancelotti, Steven Gerrard and Russell Martin have all been linked with the vacancy and a decision is believed to be imminent in light of the completed takeover.

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Jaquob Crooke

• Rangers F.C.
• Scottish Football
• Scottish Premiership
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