49ers consortium completes takeover of Rangers FC
The investment arm of the San Francisco 49ers are part of a consortium that has completed the takeover of Scottish football club Rangers.
The group is led by private healthcare magnate Andrew Cavenagh, who will become the Scottish Premiership club’s chairman, and has completed a 51 per cent takeover of the Ibrox club.
Current chairman of Leeds United Paraag Marathe will be the new vice-chairman.
The acquisition was advised upon by Latham & Watkins, led by Doug Abernethy and Ed Barnett and sports partner Patrick Mitchell among those involved.
“We are proud to be entering a new chapter for this extraordinary club,” the club said. “This moment is the result of months of thoughtful discussions with club leadership and our shared confidence in Rangers’ success going forward.
“To that end we’d like to tell you a bit about our thinking.
“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.”
Rangers deal done
Rangers, who finished second to Celtic in the Scottish Premiership this season, said they’ll invest £20m into Rangers this summer.
Industry experts have previously stated that the 49ers Enterprises group, which has investments in the likes of Leeds United, would be interested in Rangers because of their strong history and fan base.
It is not beyond the realms of possibility that the club’s new owners will redevelop the iconic Ibrox.
“Above all, we know that true success comes from understanding and honouring what makes this club special,” the club added, “In our time getting to know Ibrox, Glasgow, and you, we’ve felt the pride, history, and passion that set Rangers apart.
“You have made it clear what this club means to you, and we take the responsibility of leading this club seriously.”