‘Cavenagh and 49ers to put in less than £20m after Rangers takeover’
Andrew Cavenagh and 49ers Enterprises are not putting in the full £20million of initial investment at Rangers following their takeover of the club.
This season has been a desperately unpleasant one for the Bears, with the team finishing 17 points behind Celtic in the Premiership title race and going through two managers in the process.
But after Cavenagh and 49ers Enterprises takeover was confirmed on Friday (30 May), many will be excited to see what the summer has in store for the club.
The American owners signalled their arrival with a message on the club’s Instagram saying, “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.”
Rangers fans will be hoping that means plenty of financial investment in the club, with a squad full of players incapable of mounting a real push for the SPFL title.
But according to The Times, Cavenagh and 49ers Enterprises starting investment plan in the club will be partially supplemented by others.
Rangers shareholders continue to invest at Ibrox
As reported, the consortium “will make an initial investment via a share issue”, but it is understood that a “sizeable percentage” of the £20million planned injection will come from existing shareholders in the club.
They have “pledged to reinvest as part of the deal to sell to the Americans”, and an extraordinary general meeting will be held on 23 June to secure approval from shareholders for a “rights issue”.
After years of watching their rivals Celtic not only spend bigger, but also spend wiser, Rangers fans will be hoping this is the first of many investments this summer rather than a one-and-done.
The Bears’ fans have longed for a takeover that can save them from the misery of the Hoops’ domination, but more to help steady the off-field issues that have plagued the club, as well as confront the years of heavy financial losses.
Andrew Cavenagh and 49ers should make a splash and hire Davide Ancelotti
Football Insider Verdict
The first decision the new ownership group plan have to make is who will helm this new era of Rangers football.
Russell Martin has been heavily linked with the job, whilst names like Jose Mourinho, Steven Gerrard, Sean Dyche, and Danny Rohl have cropped up.
But one name stands out from the rest. Davide Ancelotti is a target for Rangers, who is seemingly choosing to go it alone following his father Carlo’s departure from Real Madrid.
The Italian prospective manager has worked alongside some of the greatest footballing talent this century and has been his father’s assistant at Bayern Munich, Napoli, Everton, and Los Blancos.
With an astonishing resume for a 35-year-old, he represents everything the new Rangers owners want, he is a fresh start who can attract high-profile players and brings a reputation of working with elite players and coaches.
Martin, Gerrard, the rest are all safe bets in the sense that you know what you’re getting if you hire them. The Bears have tried that, and look what happened. With the fans onside and excited for what the future holds, this is the time to push the boat out and to take a chance.