Scottish soccer membership Rangers confirmed on Friday a U.S.-based consortium that features an funding arm of the San Francisco 49ers has bought a majority possession stake.
Rangers stated medical insurance entrepreneur Andrew Cavenagh and 49ers Enterprises led the consortium of buyers that was reported to have purchased a 51% stake. The acquisition value was not disclosed.
The membership stated the group has dedicated to speculate 20 million kilos ($27 million) instantly, topic to shareholder approval in June.
In July 2023, 49ers Enterprises – the possession group run by the York household, the principal house owners of the NFL’s San Francisco 49ers – accomplished the takeover of Leeds, which can play within the Premier League subsequent season after profitable the second-tier title. 49ers Enterprises initially joined Leeds as a shareholder in 2018, and successfully bought the bulk stake at a big low cost after their relegation, per the Athletic.
In Glasgow, takeover talks had been ongoing for months as Rangers completed a distant second to fierce rival Celtic within the Scottish Premiership this season. Celtic has gained the league title for 4 straight years.
Cavenagh, co-founder of Philadelphia-based Pareto Well being, will function Rangers board chairman.
“This membership’s historical past and traditions converse for themselves, however historical past would not win matches,” he stated in Friday’s announcement. “Our focus is straightforward: elevate efficiency, ship outcomes, and convey Rangers again to the place it belongs — on the high.”
Paraag Marathe, who would be the board’s vice chairman, is the president of 49ers Enterprises – the sports activities funding entity can be led by San Francisco 49ers chief government Jed York, son of John and Denise York. Marathe can be chairman of Leeds. He has been within the place since 2011.
The Related Press contributed to this report.
Need nice tales delivered proper to your inbox? Create or log in to your FOX Sports account, and observe leagues, groups and gamers to obtain a customized publication each day!
Rangers
San Francisco 49ers
Get extra from Scottish Premier League Comply with your favorites to get details about video games, information and extra
