When it comes to talk of the 49ers Enterprises led takeover of Rangers, it’s easy for people’s minds to drift towards the transfer market.
Talk of fresh investment from the US in Rangers has got plenty speculating over a big summer ahead with the Rangers boardroom set to be transformed in an instant.
But as football finance expert Adam Williams explained to Rangers News, Rangers’ masterplan to trump Celtic is a tad more complex than just opening the chequebook.
Andrew Cavenagh has been in Glasgow being bit by the Rangers bug this week, first taking in the heart-stopping penalty kicks win over Fenerbahce and then the Old Firm victory away to Celtic.
With the healthcare mogul’s investment partners over at 49ers Enterprises fully focused on Leeds United’s promotion charge, it’s Cavenagh who has faced up the Rangers takeover.
With Rangers set to undergo an executive overhaul in the coming months, how the 49ers have approached the complicated project at Leeds could give an insight into how they’ll run things at Rangers.
Photo by Lachlan Cunningham/Getty Images
Photo by Lachlan Cunningham/Getty Images
49ers take over Leeds United in financial turmoil
Leeds United were subject to a £170m buyout from 49ers Enterprises in July 2023 (BBC Sport) with San Francisco 49ers chief Paraag Marathe assuming control of the boardroom.
MORE RANGERS STORIES
Marathe has been tight-lipped on the Rangers speculation but it’s clear the group are closing in on a deal to takeover at Ibrox.
Leeds, who’d earned promotion back to the English top flight in 2021, find themselves back in the Championship with spiralling costs under former owner Andrea Radrizzani.
As highlighted by BBC Sport, Leeds’ mismanagement was a desperate attempt to retain Premier League status – which they lost in 2023 – and the situation prior to the buyout was increasingly drastic.
Managerial pay-offs for the likes of Rangers-mooted Jesse Marsch and Spanish coach Javi Gracia have also had an impact, similarly to the situation at Rangers.
The wage bill had swollen to exorbitant levels for a Championship side whilst Leeds were still footing transfer payments for several of the club’s top signings, including Brenden Aaronson, Rasmus Kristensen, Marc Roca and Max Wober, who weren’t contributing on the pitch.
Major cuts were required in order for the club to meet profitability and sustainability rules with a quite remarkable £76m in transfer payments owed in June 2024, and £190m still out on credit in total.
Rangers US investors work Leeds magic on budget
The 49ers then had a big challenge to both off-set Leeds’ indulgent transfer spending and the club’s weighty wage-bill whilst keeping the club competitive.
After appointing Daniel Farke in the summer of 2023, the ex-Norwich City manager narrowly missed out on Premier League promotion after getting beat by Southampton in the Championship Playoff Final at Wembley.
But whilst this once again heaped the pressure on Leeds’ finances, the 49ers stuck with their man who has been tasked with guiding the club through a period of substantial downsizing.
“Daniel has been fantastic, I’m excited about working with him next season,” Marathe told BBC Sport after the defeat at Wembley.
“We had a long-term plan, a long-term commitment; we have to see it through.
“He has the right temperament. I feel confident because we have a four- or five-week head start on last year at least.”
Whilst the Elland Road club’s US owners more or less broke even in terms of transfer spend in their first season, the second campaign has been substantially different.
Out have gone several of Leeds’ most valuable players – including ex-Rangers star Glen Kamara – and in have come budget signings (on a relative scale) who have been identified by the club’s scouts.
This is in line with Marathe’s message to fans, with the Leeds chief refusing to be disheartened by the club’s failure to make the Premier League last season.
”We have the funds we need to do what we need, but there will need to be some trade-offs because of [profit and sustainability rules],” Marathe said.
“It is not just outs, it is ins as well, looking at scouting possibilities, but we need to make trade-offs.”
As highlighted by Transfermarkt, Leeds have taken in £108m more than they spent in transfer fees this season.
Leeds United players out 24/25 Leeds United players in 24/25
Georginio Rutter – Brighton (£40m) Joe Rodon – Tottenham Hotspur (£10m)
Archie Gray – Spurs (£30m) Largie Ramazani – UD Almeria (£6.5m)
Crysencio Summerville – West Ham (£25m) Jayden Bogle – Sheffield United (£5m)
Luis Sinisterra – Bournemouth (£20m) Ao Tanaka – Dusseldorf (£3.4m)
Glen Kamara – Stade Rennais (£10m) Isaac Schmidt – FC St Gallen (£2.5m)
Marc Roca – Real Betis (£3.8m) Alex Cairns – Salford (free)
Charlie Cresswell – Toulouse (£3.8m) Manor Soloman – Leeds United (loan)
Diego Llorente – Real Betis (£2.8m) Joe Rothwell – Bournemouth (loan)
Robin Koch, Cody Drameh, Kristoffer Klaeson, Jamie Shackleton, Luke Ayling, Ian Poveda, Liam Cooper – left on free transfers Joshua Guilavogui – unattached (free)
Rasmus Kristensen, Sam Greenwood, Joe Gelhardt, Darko Gyabi, Sonny Perkins – left on loan
TOTAL RECEIVED – £135.4m TOTAL SPENT – £27.4m
DIFFERENTIAL: £108m
And yet, the club has remained competitive.
Leeds currently top the English Championship but only on goal difference, tied with Sheffield United on 80 points and desperately trying to keep their neck out in front.
Burnley, who have 78 points, are also well in the hunt for one of the two automatic promotion places as the season enters its final eight games.
What has defined the 49ers early tenure at Leeds has been a consistency in decision-making and trust in the process.
That won’t change even if the unthinkable happens once again at Elland Road and the Yorkshire club miss out on promotion.
Such stability has been sorely missing from Rangers – who’re looking to appoint their fifth manager since 2021 – and if the 49ers bring anything, we expect a clear and coherent long-term plan.
With the 49ers also considering revamping Elland Road, maybe US money can help expand Ibrox in line with plans openly discussed by the Rangers board.