Leeds United owners complete major club acquisition after £120 million cash injection
49ers Enterprises' Global Football Group have announced their takeover of Scottish club Rangers.
Leeds United's owners 49ers Enterprises have confirmed their acquisition of 55-time SPL champions Rangers in a significant event for Scottish football.
The San Francisco-based group joined forces with United States business tycoon Andrew Cavenagh to bring an offer to the negotiating table of Ibrox board members with talks beginning late last year.
A deal has since progressed with Leeds chairman Paraag Marathe pictured at Ibrox in recent weeks as the takeover grew closer to completion.
On Friday, May 30, a statement from Rangers confirmed the 49ers' official arrival in Glasgow.
The statement read: “Rangers Football Club is pleased to announce that a consortium of investors, led by Andrew Cavenagh and 49ers Enterprises, has purchased a majority stake in the club, with approval from the Scottish FA.
“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.
“Cavenagh, a business leader and healthcare executive, will serve as Board Chairman.
“He will work closely with Paraag Marathe, who joins the Board as Vice Chairman and is the President of 49ers Enterprises, a sports investment entity also led by San Francisco 49ers CEO Jed York.
“Cavenagh and Marathe have spent decades leading highly successful businesses and world class sports brands and as part of the Board will oversee all aspects of the club in this next chapter.”
“We are determined to build something that supporters can be proud of for years to come”...
Marathe said: “At 49ers Enterprises, we have built a track record of sporting and business success, but our driving motivation is our deep connection to the clubs and communities we serve.
“We are excited to join Andrew and our other consortium of investors in a new era for this iconic club, and we are determined to build something that supporters can be proud of for years to come.”
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."
Reflecting the club’s new leadership, Mark Taber, Andrew Clayton and Gene Schneur will join Cavenagh and Marathe as new members of the Board.
Patrick Stewart, Fraser Thornton, John Halsted, and George Taylor will remain on the board.
Graeme Park, Julian Wolhardt, and Alastair Johnston are stepping down from the board.
“This new ownership phase represents a significant step forward”...
Thornton 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 said: “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.”
Leeds' ownership recently raised £120 million via a share issue to existing Elland Road investors, designed to aid with the club's cashflow and to be put towards plans to redevelop the stadium in LS11.
Rangers and Leeds will continue to be run as separate entities despite falling under the same ownership umbrella with the 49ers' commitment at Elland Road 'unchanged'.
This was confirmed by a Global Football Group spokesperson last month, after reports of productive talks were acknowledged by the Scottish club.
A spokesperson for 49ers Enterprises Global Football Group said: “The strength of our commitment, resources, and ambition for Leeds United remains unchanged. We look forward to competing in the Premier League next season.”