THE takeover of Rangers has been completed with American tycoon Andrew Cavenagh installed as new chairman in a boardroom shake-up.
An initial £20million investment has been promised for summer signings following a proposed share issue which will be outlined at an EGM on June 23.
The buy-out deal – backed by San Francisco 49ers Enterprises – was confirmed today following months of talks.
Paraag Marathe has been named vice-chairman after the consortium had acquired 51 per cent of the club and secured SFA approval.
GOVAN GLEE…Adam Idah races away after hitting Celtic’s equaliser in the 1-1 draw at Ibrox in May.
Dave King and John Bennett now have no shares in the Govan outfit after agreeing to sell up while board members Graeme Park, Julian Wolhardt, and Alastair Johnston step down.
A club statement said: “The consortium will chart a new strategic vision for the club’s future prioritising on-pitch performance and long-term financial sustainability.
“The new leadership has committed to invest £20 million into the club at this time, which will be subject to shareholder approval at the General Meeting on 23 June 2025.”
In the meantime, the Govan side are still searching for a managerial successor to Philippe Clement who was sacked in February with the team 13 points behind Celtic at the top of the Premiership.
Barry Ferguson was named as caretaker boss and won only six of 15 games in charge before leaving at the end of another trophyless season.
Former gaffer Steven Gerrard also rejected the chance to return for a second spell and the hunt will continue.
RODGERS v GERRARD THE SEQUEL: CANCELLED
