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Rangers takeover finally concludes Craig Whyte catastrophe but there is a tinge of sadness too– Keith Jackson

There once was a man from Motherwell whose wealth was off the radar … stop me if you think you’ve heard this one before.

Because the unmitigated catastrophe which was unleashed upon Rangers from the moment Craig Whyte’s pointy, plastic shoes first stepped over the threshold has now come to a conclusion.

Friday’s confirmation of Andrew Cavenagh’s US led takeover has allowed the Ibrox club to emerge from the rubble which Whyte left behind back in 2011 when he tossed a pound coin across Sir David Murray’s desk and set in motion a chain of events which would have near apocalyptic consequences.

Fourteen years later, it’s finally over.

Cavenagh and his backers from the San Francisco 49ers have drawn a line under all of it by snapping up 51 per cent of the club’s shares and taking control from a beleaguered, fractured regime which was doing nothing much more than fighting the fires which were left smouldering behind. And not all that well.

They tried their best and they ought to be thanked for their services, even if time and again they were exposed for being hopelessly out of their depth.

There’s a tinge of sadness in there too.

It was around this time last year, for example, that former chairman John Bennett - a thoroughly decent man and a genuinely honest broker - discovered to his horror that outgoing CEO James Bisgrove had effectively rendered Rangers as homeless before bolting to a new post in the Middle East.

During his time in charge Bennett was chewed up and spat back out by a club he cared so passionately for that he was prepared to pump more than £20million of his own money into it just to keep the wolf from the door.

John Bennett

The collateral damage done to his own reputation and, worse still, to his health and well being was deeply unedifying.

But, by offering up the entirety of his shareholding to Cavenagh’s consortium, Bennett too can now achieve some sort of closure on the trauma.

Dave King is another major player and former chairman who can finally walk away from the business having sold up his stock. There will be plenty of people who will be glad to see the back of him, this column included.

King’s combative and egotistical qualities make him a hard man to like. But, regardless of his many character flaws, the fact of the matter is he stepped up to lead the revolt which ultimately cleared out Mike Ashley’s junta from the boardroom almost 10 years ago to the day.

And it was the availability of his 13 per cent holding which brought Cavenagh to the table in the first place. King, then, has played his part in the healing process.

Another former chairman, Paul Murray, helped pull the entire deal together. It was Murray who introduced Cavenagh and King to one another.

And because of this intervention, a deal to buy out a controlling interest in the club became a viable possibility.

In fact - and not for the first time throughout all these years of chaos - Murray’s part in the proceedings as a man of genuine integrity and unbendable best intentions has been hugely significant.

He too can now breathe a sigh of relief and step away from the drama, safe in the knowledge that his football club is in the wealthiest hands imaginable.

Unlike the list of names above, health insurance mogul Cavenagh can’t lay claim to being a staunch Rangers man. As a matter of fact, he’s a lifelong and avid Arsenal supporter and it was this enthusiasm for the Gunners which sparked his interest in buying his way into the British game.

He is aware of the historic links between the two clubs dating back more than a century when Rangers came to Arsenal’s aid during a time of financial crisis and bought shares in the London club.

Those shares were later pawned off by Whyte for £230,000 in a scandalous, disgraceful act after he had plunged Rangers into administration. The funds were not even paid in the club’s bank account.

Cavenagh will be familiar with the whole sordid story and of the sense of fury it created.

New Rangers chairman Andrew Cavenagh at Ibrox

New Rangers chairman Andrew Cavenagh at Ibrox

In other words, he takes over as chairman with a very strong idea of the scale of the responsibility which comes with sitting in the big seat and the way in which the position has been abused over time. And that’s a good starting point.

Cavenagh has cleared the decks in order to treat this project with the time and respect it deserves.

He stepped down from his full time position as CEO of his own insurance company ParetoHealth in January of this year - just a couple of months after his initial talks with King and Murray.

That life changing decision has enabled him to pursue his ambition of owning and running a European football club and he has been clever and well connected enough to bring Paraag Marathe and the 49ers to the table.

It really does amount to a stunning coup and the long suffering Rangers support are quite right to be thrilled about it.

The Americans will make mistakes along the way. Of course they will. Who knows, they might be making one right now in the shape of the recruitment process to secure a new manager. Or head coach.

But, even if they headhunt someone who is not even remotely ready or qualified for the position, the smart money says that Cavenagh and his colleagues will get it right eventually.

That they have identified Nils Koppen as part of the problem rather than the solution - and by relieving the bungling Belgian of his duties as head of recruitment over the weekend - they have taken a shrewd first step.

But, early teething issues or not, given time they will almost certainly prove themselves to be the real deal and this summer’s regime change will be looked back upon as a crucial, landmark moment in the club’s history.

It simply had to happen in order for Rangers to become relevant again in their own back yard and to rediscover the sense of direction which has gone missing ever since Whyte walked down Edmiston Drive.

The response from Celtic will provide another layer of fascination to the picture now that Uncle Sam has upped the ante on them.

The champions have grown fond of their status as the dominators of all they survey. They are unlikely to give it up easily.

But even so, for the first time in a decade and a half, they’re about to have to deal with a credible and serious threat coming from the other side of town.

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