Rangers have told Sky Sports News they are in “productive conversations” with a US consortium who are set to take over the Ibrox club and “inject additional capital”.
Sky Sports News reported in March that healthcare tycoon Andrew Cavenagh and the San Francisco 49ers investment arm, the 49ers Enterprises, had agreed a deal in principle to acquire a controlling stake in the Scottish Premiership club.
Talks have been ongoing since the end of October, and a deal – which will see the US group gain at least 51 per cent of the shares in Rangers – is expected to be completed ahead of the new season.
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Exclusive shots from Ibrox as health insurance tycoon Andrew Cavenagh is quizzed on the US-led takeover of Rangers
When asked about the talks, Rangers and the consortium issued a joint statement to Sky Sports News saying: “Rangers and its existing controlling shareholders are in productive conversations with the two lead members of the Consortium, Andrew Cavenagh and 49ers Enterprises Global Football Group, about the potential for the Consortium to acquire control of the club and to inject additional capital.
“These discussions reflect a shared recognition of the importance of Rangers FC’s long-term direction, ambitions and management.”
How will the US group gain control?
Former Rangers chairman Dave King is among those selling his shares to the US group
Rangers’ single largest shareholder Dave King is among the key figures who is set to sell his stake in the club. King has a 12.96 per cent shareholding and one source has suggested the 49ers were one of three serious parties to approach the former Ibrox chairman over investing in the club.
Douglas Park (11.54%), George Taylor (10.22%), Stuart Gibson (9.53%), Julian Wolhardt (9.53%), John Halsted (9.53%) and John Bennett (7.11%) are among the others willing to part with all or some of their shareholdings.
Who are the investors?
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Health insurance tycoon Andrew Cavenagh and Gretar Steinsson of the San Francisco 49ers were at Ibrox for Rangers’ Europa League quarter-final
The 49ers Enterprises were valued at £5.7bn ($7.2bn) by Forbes just a few months ago and Rangers would be the second British club the NFL giants have invested in, after initially purchasing a small stake in Leeds United, before completing a takeover in 2023.
Following Leeds’ promotion to the Premier League, EFL dual ownership rules will not present any issue in finalising the deal. Leeds chairman Paraag Marathe – who is also president of the 49ers Enterprises – has been involved in the negotiations so far.
Paraag Marathe (C) was at Rangers’ Europa League match away to Manchester United
Cavenagh is co-founder of US-based ParetoHealth – who manage around £5.2bn ($6.6bn) in assets and cover more than one million lives across thousands of businesses.
Earlier this year, ParetoHealth announced Cavenagh was stepping down as chief executive officer of the US firm, although added he would still help the company through his executive chairman role. He has been a regular at Ibrox this season and has been joined by 49ers technical director Gretar Steinsson.
Are there other changes expected?
Kevin Thelwell will move to Ibrox as sporting director after his Everton deal ends
Rangers have also confirmed Kevin Thelwell will join the Ibrox club as sporting director once his contract at Everton expires this summer.
Gers CEO Patrick Stewart has been working on an appointment since February and has moved for the 51-year-old, who joined the Merseyside club in 2022 from New York Red Bulls.
Thelwell – who has also worked at Wolves, Derby County and Preston North End – confirmed in March he would be departing the Toffees at the end of his contract, amid a number of structural changes at the club.
As well as boardroom change, a new manager will also be appointed ahead of the new season, with head coach Barry Ferguson currently in charge until the end of this season following Philippe Clement’s sacking.
What are the US group looking for?
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President of San Francisco 49ers Enterprises and Leeds chairman Paraag Marathe says his consortium are ‘looking at opportunities’ after it emerged that American investors are in talks with Rangers over a multi-million-pound takeover.
In February, Marathe acknowledged that the 49ers Enterprises were “always looking at other opportunities”.
“I can’t really comment on whatever rumours might be out there,” he told the Financial Times Business of Football Summit. “But like I said, we are always looking at other opportunities. We have been.
“And I think it is doable to replicate the passion [he has for Leeds].
“What we are looking for is clubs with the right bones, clubs with the right history of success. Clubs with the right potential for growth and if you’re a sportsperson and you love it and you treat it as a way of life, so to speak, like I do, then absolutely there’s enough room in your heart.
“Just like there is to love all of your children, there’s enough room in your heart to love all your sports properties.”
A spokesperson for 49ers Enterprises Global Football Group has since added: “The strength of our commitment, resources, and ambition for Leeds United remains unchanged. We look forward to competing in the Premier League next season.”
Could Rangers become a feeder club?
The short answer to this is no. When asked if the 49ers would consider a multi-club model with Leeds as the cornerstone club, Marathe added: “Multi-club from the standpoint of like a hierarchy of clubs that maybe some other folks do – that’s not really how we look at it.
“Leeds Utd stands alone and if we were to look or pursue another club, that club would stand alone on its own.
“Are there economies of scale benefits to having leadership and ownership of multiple clubs? Absolutely with what you can share and do on the commercial side. Even sometimes what you can do on the sporting side.
“We haven’t contemplated it as one club is a feeder club to another. Each club deserves all of our attention and effort.”
