Group including 49ers Enterprises bought 51% of club
Consortium will invest £20m, primarily for transfers
Rangers are under new ownership after an American consortium, including 49ers Enterprises, completed a deal to buy 51% of the club late on Thursday night. Andrew Cavenagh becomes the new chairman at Ibrox, with Paraag Marathe, the president of 49ers Enterprises and chairman of Leeds, the vice-chairman. The Scottish Football Association has approved the takeover, with the club keen to stress they are not part of a multi-club model.
49ers Enterprises is the investment arm of the San Francisco 49ers NFL team. An extraordinary general meeting in late June will approve plans for a new share issue, through which the US-based group will invest £20m into Rangers. That is primarily earmarked for transfer dealings as they seek to wrestle back control of Scottish football from their city rivals Celtic. Funds so far have been spent securing shares, including from previous chairmen Dave King and John Bennett. Mark Taber, Andrew Clayton and Gene Schneur will join the Rangers board. Patrick Stewart, the chief executive, Fraser Thornton, John Halsted and George Taylor will remain as directors but Graeme Park, Julian Wolhardt and Alastair Johnston are stepping down.
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