Andrew Cavenagh is the new chief of Ibrox and here Andy Newport lays out his main takeaways from the big takeover
13:35, 30 May 2025
Ibrox Stadium in Glasgow. Home of Rangers.
Ibrox Stadium in Glasgow. Home of Rangers FC(Image: SNS Group)
The final seal of approval came shortly after 9pm on Thursday night.
With one last email from the sixth floor at Hampden, Rangers’ new owners were at last given the green light to take control of Ibrox and begin what the blue half of Glasgow will hope is a bright new era.
The Gers faithful have been waiting desperately for news on the deal that will see Andrew Cavenagh and his partners from the San Francisco 49ers take control of the club since Record Sport broke the news back on February 19.
In the meantime, they’ve had to deal with radio silence from the men at the top of the Marble Staircase and sneering talk of a fakeover from rivals across the city.
In the end, another 99 days would pass from our exclusive front page story before the consortium of US businessmen would be able to put pen to paper.
The final stumbling block was SFA approval.
But when that dropped late on Thursday, the path was cleared for the American revolution to complete.
Ibrox insiders say there was no popping of champagne or pats on the back as the keys were handed over. Everyone involved knows the hard work starts here.
The job now for Cavenagh, Paraag Marathe and the rest of the club’s new regime is to Make Rangers Great Again.
Money to spend
Buying Rangers hasn’t come cheap. The consortium has had to splash out a significant eight-figure sum in order to buy out former chairman Dave King and John Bennett, plus portions of stakes held by other Ibrox investors.
Those transactions have taken the American group to the 51 percent mark required to snatch power on Edmiston Drive.
But that isn’t the end of their spending, with a promised £20million investment to come next month.
A share issue will take place alongside an extraordinary general meeting on June 23 to rubber stamp the fresh injection of cash, that will go primarily to supporting the new Gers gaffer’s summer spending spree.
That share issue should also see the consortium’s controlling stake increase further.
There could be additional sums to come later down the line, while existing shareholders like Douglas Park, George Taylor, Stuart Gibson and John Halstead will continue to put money in if needed.
Sums like £20million don’t go far in today’s transfer market but the new board will focus on spending smarter than has been the case for far too long at Ibrox.
New man in charge
Andrew Cavenagh has been a regular at Ibrox in recent months while leading the takeover talks - and he’ll become an even more familiar presence as he takes over as the club’s new chairman.
The multimillionaire health insurance tycoon has impressed senior figures at the club with his passion for the game and his methodical approach to business.
Health tycoon and prospective Rangers investor Andrew Cavenagh
Health tycoon and prospective Rangers investor Andrew Cavenagh(Image: SNS Group)
A former colleague soccer player who has travelled Europe to watch football, the Pennsylvanian businessman has been seduced by the Ibrox atmosphere and is now committed to bringing the glory days back to Govan.
He plans on making regular trips to Glasgow as he leads from the front.
He’ll make his first public address to supporters after the EGM on June 23 but his opening mission statement to the Ibrox faithful could not have been any clearer: “Our focus is simple: elevate performance, deliver results, and bring Rangers back to where it belongs - at the top."
Supporting cast
Cavenagh will be joined in the Blue Room by four of his American compatriots.
Leeds chairman and senior 49ers exec Paraag Marathe will also take up the role as vice-chairman at Ibrox.
Additionally, the impressive line-up in the directors box will be boosted by the additions of Boston-based equity firm chief Mark Taber, Andrew Clayton - co-founder of Cavenagh’s Philadelphia-based insurance firm ParetoHealth - and Leeds co-owner Gene Schneur.
CEO Patrick Stewart stays on in his present role while departing chairman Fraser Thornton will remain on the board to provide a local presence for his new Stateside colleagues.
Current directors John Halsted and George Taylor are also staying on but Graeme Park, Julian Wolhardt and Alastair Johnston will step down.
There are no current plans for fan representation on the board but talks have taken place with groups like Club 1872 to ensure supporters are kept onside.
49ers benefits
Rangers are an institution that have been crippled by poor decision making on and off the pitch for far too long.
But the new regime hope to finally bring some savvy thinking back to Ibrox as they tap into the 49ers’ sporting expertise.
Both in the NFL and down south at Leeds, the San Francisco side of the consortium are no strangers to success on the field.
Paraag Marathe has a plan for Rangers
The 49ers have reached three Superbowls in the last 13 years, while their involvement at Elland Road has resulted in Leeds’ return to the Premier League this summer.
It will be Marathe’s job now to make similar overhauls at Ibrox, with the focus on drastically improving performance on the business and commercial sides as well as the club’s player-trading model.
SFA approval
With the 49ers in control of Leeds, Cavenagh and co were forced to get approval from Hampden chiefs before they could complete the takeover.
But those close to the deal were always confident of the thumbs up having seen the likes of Hibs also get approval on the back their Bournemouth chief Bill Foley’s Easter Road investment
Although now part of a multi-club model, there are significant differences to the umbrella arrangements used by the likes of the City Group and Ineos, owners of Manchester United and Nice.
There are separate consortiums and structures in place at Ibrox and Elland Road, meaning both clubs will be able to operate independently of each other.
New manager hunt
The search for Philippe Clement’s replacement goes on but expect that process to step up in the days to come.
New sporting director Kevin Thelwell officially starts work in Glasgow on Monday but he’s already been playing a part as the club works its way through a shortlist of candidates.
Davide Ancelotti before leaving Real Madrid
Davide Ancelotti before leaving Real Madrid(Image: Anadolu via Getty Images)
Gretar Steinsson, the 49ers’ football advisor, won’t be taking up an official role in Glasgow but will be on hand to offer assistance, as he has been doing during the on-going search for a new boss.
Davide Ancelotti remains the favourite for the gig, with Russell Martin, Francesco Faroili and Brian Priske also in the running.
Ibrox improvements
Gers insiders have laughed off any suggestions that the new board will look to rename the club’s home of 126 years.
But Cavenagh and Marathe have already started coming up with ideas for how to upgrade the old place.
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They were given a guided tour last month and while impressed by the ground, they saw plenty of scope for improvements and innovation.