Ibrox Noise
·7. September 2025
Rangers’ Inside Scoop: Martin, Thelwell & Stewart and their positions under the 49ers

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Yahoo sportsIbrox Noise
·7. September 2025
One of the biggest problems that Rangers fans have when trying to figure out the malaise that our club is in, is who exactly authorised the appointments that we see taking office. The big deal about the exit of Philippe Clement was that he was the appointment of the likes of Graeme Park et al. But with the new ownership seizing control at the end of May who appointed Russell Martin? Do the owners endorse the three stooges?
It was well known that CEO Patrick Stewart was endorsed by the new ownership. However, Kevin Thelwell, sporting director, had already been appointed earlier this year as well. That was by the previous regime, or was it? The problem Rangers fans have is who exactly backed the Three Stooges? Stewart was obviously appointed, as we say, by a previous regime, but his retention by these owners indicates his endorsement by them.
The same applies with Thelwell. He might have been technically appointed by the previous regime, but the new owners never fired him. They have kept him in post. And obviously Russell Martin very much came in during the takeover and was subsequently endorsed by these owners. So consequently, figuring out exactly who backs who has become a bit of a minefield.
The takeover was completed by the end of May. By this point, all the appointments had been made. Everyone was in place and the new owners didn’t make any changes. And that is key. We are now deep into September and still nobody has changed.
Obviously, there are rumours about Martin being given his P45. But nevertheless, we don’t see any action, which means that the 49ers enterprises are happy with what is at the moment. They haven’t made any changes to any board positions since they came in. They have appointed their bunch of investors as directors, of course. But beyond that, everything is as is.
That is 100% pure-scale endorsement by both Paraag Marathe and Andrew Cavanagh. They, of course, are the main two honchos of this whole operation. And the fact that they have not handed out any P45s anywhere indicates endorsement. Some will say, yes, well, they have to pay them off. True, but with a potential £45 million in players this summer, we know these guys have cash. So money is not a problem for Rangers in the way that it was.
So consequently, saying someone will cost a lot to be fired is a misnomer and that includes Russell Martin as well. But at the same time, we know Americans love their money and don’t want to waste any of it. So it’s a bit of a catch-22.
So, who does endorse and support these guys? Well, it seems to be that the 49ers enterprises are right behind them. They haven’t made any changes to indicate the opposite. So for now, we may be stuck and do the owners endorse the three stooges?