Scottish Football: Takeover of Rangers FC
By Prof Dr Ian Blackshaw
A US-based consortium, which includes the investment arm of the professional American Football Team, the San Francisco 49ers, 49ers Enterprises, has completed a multi-million-GB-pounds majority takeover of Rangers Football Club, which competes in the Scottish Premiership.
The group, led by the American private healthcare tycoon, Andrew Cavenagh, has bought 51% of the Club after several months of negotiations.
The Club has confirmed that £20 million (around €23.7 million) of new investment will be made available to the Club in the summer following a share issue.
Cavenagh will be confirmed as the new Chairman of the Club at an annual meeting, to be held at the end of June. His Vice-Chairman will be the current chairman of Leeds United FC, Paraag Marathe.
The takeover has been approved by the Scottish Football Association after discussions regarding the dual interest of 49ers Enterprises having full control of Leeds United FC.
In a Statement, Rangers FC has remarked that:
"The consortium will chart a new strategic vision for the club's future prioritising on-pitch performance and long-term financial sustainability."
And Cavenagh has added that:
“Our focus is simple: elevate performance, deliver results and bring Rangers back to where it belongs - at the top."
The fans of the Club have welcomed the takeover.
Prof Dr Ian Blackshaw may be contacted by e-mail at ‘
