The US consortium, led by healthcare tycoon Andrew Cavenagh and the 49ers Enterprises, has completed its takeover of Rangers.

The group of investors have acquired a 51 per cent controlling stake in the Scottish Premiership club, following approval from the Scottish FA.

Rangers said in a statement the “consortium will chart a new strategic vision for the club’s future, prioritising on-pitch performance and long-term financial sustainability”.

Cavenagh will lead the consortium, with support from the San Francisco 49ers investment arm, the 49ers Enterprises, and other investors.

The new owners have committed to invest £20m at this time, subject to approval at an Extraordinary General Meeting on June 23.

Sky Sports News revealed in April that the club and group were in “productive conversations” that started last October.

Will there be boardroom changes?

Following the takeover, Cavenagh has been appointed chairman, while Paraag Marathe – who is the 49ers Enterprises president – will take up the role of vice chairman.

Patrick Stewart will continue as CEO, while the likes of Fraser Thornton, John Halsted, and George Taylor will remain on the board.

Long-standing board members Graeme Park, Julian Wolhardt, and Alastair Johnston are stepping down, with Mark Taber, Andrew Clayton and Gene Schneur joining as part of a new setup.

Schneur is co-founder and managing director of real estate company SBV RE Investments LLC. He is also co-owner of Leeds United.

Clayton is co-founder and vice chair of Cavenagh’s ParetoHealth firm, while Taber is managing director at Boston-based growth equity firm Great Hill Partners.

It is understood Cavenagh and Marathe will be in Glasgow frequently to help run the club, but will also be involved from a far.

‘A new era for this iconic club’

In an open letter to the Rangers supporters, Cavenagh and Marathe said: “We are proud to be entering a new chapter for this extraordinary club. This moment is the result of months of thoughtful discussions with club leadership and our shared confidence in Rangers’ success going forward.

“To that end we’d like to tell you a bit about our thinking.

“Simply put – our goal is to win trophies in Scotland and be able to compete at a high level in Europe, while laying a foundation of financial sustainability for the future.

“As our first step, we are investing fresh capital into Rangers, which will be strategically deployed on and off the pitch. While we recognise the importance of resources, we believe that thoughtful, disciplined investment, guided by a clear strategy, is the path to enduring success. Every decision, whether sporting or business, will be made with the club’s long-term success and sustainability in mind.

“We aim to leverage the full strength of 49ers Enterprises’ sporting expertise and operational experience, and are confident in Patrick Stewart and Kevin Thelwell to lead this next phase. Our first priority together is clear: hiring a new men’s Head Coach. That process is already well underway, and we look forward to sharing more updates soon. We will also look to invest in talent for our teams.

“Moving forward, we are reconstituting the Board to bring in a few new voices and skill sets. We all owe a special thanks to the previous Board for their service. They stepped up in a difficult moment when the club needed them and laid the foundation for what comes next.

“Above all, we know that true success comes from understanding and honouring what makes this club special. In our time getting to know Ibrox, Glasgow, and you, we’ve felt the pride, history, and passion that set Rangers apart. You have made it clear what this club means to you, and we take the responsibility of leading this club seriously.

“We look forward to seeing you at Ibrox soon. For now, we’ll keep working, and we can’t wait for what’s ahead.”

How did the US group gain control?

Rangers’ single largest shareholder Dave King is one of two key figures who sold his entire stake in the club.

King had a 12.96 per cent shareholding, and one source had suggested the US group were one of three serious parties to approach the former Ibrox chairman over investing in the club.

Former chairman John Bennett is the other shareholder who has parted with his full shareholding, which stood at just over seven per cent.

The US consortium then acquired shares from other investors to reach their target of 51 per cent.

Who are the investors?

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.

The 49ers Enterprises were valued at £5.1bn ($6.8bn) by Forbes last August and Rangers are the second British club the NFL giants have invested in. They initially purchased a small stake in Leeds United in 2018, 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. A Scottish FA process then ruled that dual interest concerns were not an issue as Marathe and co completed their takeover at Ibrox.

‘A significant step forward for Rangers’

Thornton – who served as chairman – will remain on the board and said: “This new ownership phase represents a significant step forward for Rangers FC. The incoming shareholders bring not only funding but also deep expertise in strategic planning, infrastructure development, and sporting excellence.

“On behalf of Rangers, I also want to put on record our appreciation to the outgoing board members who have selflessly served the club. I also want to acknowledge our major shareholders whose backing has brought the club to this point, the vast majority of whom have chosen to reinvest in the club and continue with us on the next stage of the journey.”

Patrick Stewart added: “From my earliest conversations with Paraag and Andrew, I have been excited and confident in the shared vision and what it could mean for the future of Rangers.

“Our focus now is on the hard work ahead, preparing thoroughly for the new season, appointing the right men’s head coach, and ensuring we have the structures in place to support success on the pitch.”

What is on the to-do list?

The first task will be to appoint a new head coach and to aid that, new sporting director Kevin Thelwell officially joins from Everton on Monday.

It is believed he has been working in the background on the search for Philippe Clement’s permanent successor, with Rangers in the final stages of that process.

Sky Sports News confirmed on Thursday that former boss Steven Gerrard will not be returning to the Ibrox dugout, despite holding talks.

Rangers are instead prioritising other candidates, including the likes of Davide Ancelotti and Russell Martin.

Could Rangers become a feeder club?

The short answer to this is no. Marathe is chairman of Leeds, as well as 49ers Enterprises president. However, his involvement at Ibrox will not result in the Premiership side entering a multi-club model to support Leeds.

“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,” he told the Financial Times Business of Football Summit in February.

“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.”

Sky Sports to show 215 live PL games from next season

From next season, Sky Sports’ Premier League coverage will increase from 128 matches to at least 215 games exclusively live.

And 80 per cent of all televised Premier League games next season are on Sky Sports