Rangers takeover complete as new era begins: board layout, cash injection, next manager latest, bid to topple Celtic

At just after 11pm on Thursday night, a new era at Rangers Football Club got underway when the last e-signature was received confirming a consortium of American investors, led by Andrew Cavenagh and 49ers Enterprises, as new majority shareholders at Ibrox.

The deal is set to trigger a new cash injection of up to £20 million in the club for football operations.

Gone are the days of handing over a pound coin for control of Rangers. From David Murray to Dave King, via Craig Whyte, Charles Green and Mike Ashley, few clubs have endured such turbulent and complicated recent ownership history as Rangers.

Supporters will hope that the long-awaited news of new owners will lead to long-term financial sustainability combined with improved on-field performance to an extent that can challenge Celtic’s current dominance.

Rangers have been the subject of takeover discussions for some months. | SNS Group

The consortium have bought 51 per cent of shares, including those owned by Dave King and John Bennett, both former chairmen. As part of the process, Rangers will move from a delisted PLC to a private company.

Fans will also hope the change at the top will be closely followed by the arrival of a new manager. An announcement is expected next week, with Davide Ancelotti leading the running. A new sporting director, Kevin Thelwell, will begin on Monday having joined the club from Everton.

Cavanagh, meanwhile, will take his place as chairman and will work closely with Paraag Marathe, who becomes vice-chairman in addition to his current role as chairman of Leeds United. Cavenagh has written an open letter to Rangers supporters where he outlined the aims. “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,” he pledged. He also promised to take the responsibility of leading the club “seriously”.

SFA approve new owners

The Scottish Football Association approved the new majority ownership late on Thursday night. Although there are some dual elements in the deal, Rangers have stressed they are not part of a multi-club operation and will function independently of Leeds United and other sporting entities in the 49ers portfolio, as per Uefa rules for European participation. The deal is subject to shareholder approval at an egm on 23 June.

Current chief executive Patrick Stewart will remain in the role. Alastair Johnston, former chairman, is among those stepping down from the board. Fraser Thornton, who was named chairman in December, will remain a board member.

Pennsylvania-based Cavenagh, Thornton’s replacement as chair, is a business leader and healthcare executive who has attended several games at Ibrox in recent months during the long-running negotiations. He is described in a short biography released by the club as having had a “four-year collegiate football career as an award-winning goalkeeper and captain”. It points out that he was drawn to Rangers by Ibrox and the passion of the fans.

Andrew Cavenagh's goal for Rangers is simple: win trophies. | SNS Group

“We are deeply grateful for the trust placed in us by the Rangers Board, shareholders, staff, and supporters,” Cavenagh said in a statement. “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."

Marathe has recently experienced football success in his role as Leeds chairman. The Elland Road club secured promotion back to the English Premier League this season amid renewed excitement at the club.

As Rangers vice-chairman, he will now split time between Ibrox and Elland Road as well as the San Francisco Bay Area. However, Cavenagh is expected to be the most visible of the new owners. Mark Taber, Andrew Clayton and Gene Schneur, who is a co-owner of Leeds United, will join Cavenagh and Marathe on the Ibrox board.

No fans rep on Rangers board

As it stands, there will be no place for a fans' representative on the board. Fans’ group Club 1872 were the eighth largest shareholder in the club. Supporter engagement is a key strand of the American sports ethos though what it will look like at Rangers, time will tell.

“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,” said Marathe. “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.”

Thornton described what he called “the new ownership phase” of Rangers as a “significant step forward”. He added: The incoming shareholders bring not only funding but also deep expertise in strategic planning, infrastructure development, and sporting excellence. On behalf of Rangers, I also want to put on record our appreciation to the outgoing board members who have selflessly served the club.

Paraag Marathe will also be heavily involved at Rangers. | Getty Images

“I also want to acknowledge our major shareholders whose backing has brought the club to this point, the vast majority of whom have chosen to reinvest in the club and continue with us on the next stage of the journey.”

The journey, of course, is a slightly loaded term these days when used in association with Rangers. It speaks of a long, often fraught odyssey back up the leagues following the club’s descent into financial oblivion in 2012.

Even when a return to the top tier was attained, it has rarely run smoothly save for a spell under Steven Gerrard when they won the Scottish title for the first time since 2011. They also reached the Europa League final under Giovanni van Bronckhorst in 2022.

Since then, however, Rangers have sacked three managers, including Van Bronckhorst. They have won just one major honour – the League Cup in 2023 under Philippe Clement- and finished 17 points adrift of champions Celtic in this season’s title race. As the new owners know, there is much to do simply to catch up with the rivals.