‘49ers accelerate Rangers overhaul as three more exits confirmed’
Rangers’ new owners are putting the wheels in motion for a major rebuild after completing their takeover at Ibrox.
The Glasgow side endured a miserable season after finishing 17 points behind Celtic in the Scottish Premiership and failing to claim anywhere silverware.
The only highlight of the campaign was their run to the quarter-finals of the Europa League before being knocked out by Athletic Bilbao.
Barry Ferguson was appointed interim manager following Philippe Clement’s sacking in February, but he has now left Ibrox after failing to land the job on a permanent basis.
Rangers’ board has been aware for some time change is needed to turn the tide after holding talks with potential new investors.
It was confirmed in March a US-led consortium had agreed a deal in principle to become the new majority owners at Ibrox.
Rangers takeover agreed after official announcement
Rangers announced on Friday (30 May) the takeover has now been completed after receiving the approval of the Scottish FA.
The US consortium is spearheaded by health insurance tycoon Andrew Cavenagh and Leeds United chairman Paraag Marathe, who is the president of 49ers Enterprises – the investment arm of NFL franchise the San Francisco 49ers.
Speaking after the deal has been confirmed, Cavenagh said: “We are deeply grateful for the trust placed in us by the Rangers board, shareholders, staff, and supporters.
“This club’s history and traditions speak for themselves, but history doesn’t win matches. We know that the true way to honour the club’s heritage will be to drive performance.
“Our focus is simple: elevate performance, deliver results, and bring Rangers back to where it belongs – at the top.”
As part of the restructuring, Mark Taber, Andrew Clayton and Gene Schneur will join Cavenagh and Marathe as new board members.
Patrick Stewart, Fraser Thornton, John Halsted and George Taylor will remain on the board, while Graeme Park, Julian Wolhardt and Alastair Johnston are stepping down from their positions.
The immediate boardroom changes are a clear indicator the new owners are not messing around as they look to implement their plans at Ibrox.
Rangers owners bankroll £20m injection
The Scottish giants also confirmed the ownership group have committed to invest an initial £20million into the club.
It comes after Football Insider revealed on 21 March Rangers could have a £25million transfer budget to strengthen their squad this summer.
There have also been some changes made to the first team on the back of their disappointing campaign.
Ianis Hagi, Leon Balogun and Tom Lawrence will all leave Ibrox when their contracts expire this summer, while loanees Vaclav Cerny, Neraysho Kasanwirjo and Rafael Fernandes will return to their parent clubs.
Football Insider revealed on 21 May Rangers will save around £4million in wages following the departures of those six players.
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