Rangers Takeover Complete but Surprise as Patrick Stewart To Stay | OneFootball

Rangers Football Club have now officially entered a new chapter with confirmation of a majority takeover by a US-led consortium, spearheaded by healthcare executive Andrew Cavenagh and backed by the powerful 49ers Enterprises. The new owners now control a 51% stake in the club, with the deal rubber-stamped by the Scottish FA – marking the start of what fans hope will be a transformative era for the Ibrox giants.

Andrew Cavenagh takes up the position of chairman, while Paraag Marathe of 49ers Enterprises – also chairman at Leeds United – steps in as vice-chairman. Despite concerns over multi-club ownership rules, the SFA have given the green light, confirming Rangers are not considered part of any multi-club system under the current arrangements, according to this report.

Crucially, amidst the overhaul at boardroom level, Patrick Stewart will not be exiting his role as CEO. Appointed in December 2024 following nearly two decades at Manchester United, Stewart has been a steadying figure through months of managerial uncertainty and ownership speculation. He’s confirmed to be staying on under the new regime, reinforcing continuity during what could otherwise have been a chaotic transition.

Stewart has already spoken positively about the direction of the club under its new custodians, stressing the importance of long-term planning and immediate tasks – not least the urgent appointment of a new manager. Rangers’ on-pitch leadership remains unresolved, with the new board yet to make a final decision on the next head coach, as noted during the ongoing farce that is the managerial hunt.

The new consortium have pledged an immediate £20 million investment into the club, pending approval at an Extraordinary General Meeting on 23 June. That cash is expected to be funnelled straight into the summer transfer window, with a view to rebuilding the squad and finally mounting a consistent challenge to Celtic.

The board will be a mix of old and new – Stewart remains, alongside current members Fraser Thornton, John Halsted and George Taylor. Joining them are Mark Taber, Andrew Clayton and Gene Schneur, all of whom bring American financial and sporting clout to Ibrox.

This is a defining moment in Rangers’ modern history. After years of inconsistency, boardroom drama and sporting underachievement, there’s real hope that the new owners – alongside a steady hand in Stewart – can bring Rangers back to the top of Scottish football and restore the club to the level its fans expect and demand.