The vote to bring in £20m of investment into the Ibrox club was passed on Monday morning Rangers shareholders have given approval for the club's new American owners to invest £20m into the club, with new chairman Andrew Cavanagh pledging they are at Ibrox "for the long haul". At an extraordinary meeting in Glasgow, the four resolutions tabled were voted through with 98% of shareholder backing. One of those was for extra cash pledged by healthcare entrepreneur Cavenagh and his consortium, which includes the investment arm of NFL club the San Francisco 49ers, to be allowed to come into the Scottish Premiership club. Another was for Rangers to be re-registered as a private limited company rather than publicly listed. Cavenagh became Rangers' new chairman and Paraag Marathe - the Leeds United chairman - was installed as vice-chairman after thetakeover was completed last month. Asked why he has invested in Rangers, Cavenagh said there were three reasons: the "supporters' passion", the stadium - "Ibrox is our castle and it gives the team an advantage" - and "the competitions they play in - the league, the cups and Europe". Rangers, runners-up last season, have won the Scottish Premiership once in 14 years dominated by city rivals Celtic. Cavanagh said the controlling groups ambition is "to put the club in the position to win the league, win cups and be more competitive in Europe". He also added that he and his fellow investors are focusing on building the club rather than how they might realise any profit. "[We have] no exit plan but a growth plan," he said. "We'll figure out exit plan after growth." Kevin Thelwell also joined as sporting director from Everton this summer, with former Southampton manager Russell Martin arriving soon after as head coach and looking to reshape the squad. When asked about how the £20m will be spent, Cavenagh said: "We will be transparent where we can be, but we will be opaque in other areas and this is one." The Rangers squad arrived for pre-season on Monday, with Martin's first competitive game set to be against Panathinaikos in Champions League qualifying next month. Marathe, who also holds a senior executive position with the San Francisco 49ers, said he would oversee a period of change at Ibrox. He told the EGM audience that he "has a deep expertise in running sporting organisations and turning them around".
Fresh £20m Rangers investment approved
TruthLens AI Suggested Headline:
"Rangers Shareholders Approve £20 Million Investment from New American Owners"
Bbc News
7.8
TruthLens AI Summary
Rangers Football Club has secured a significant £20 million investment following a decisive vote by its shareholders, which occurred at an extraordinary meeting in Glasgow. The investment has been approved with overwhelming support, receiving 98% backing from shareholders. This financial influx is backed by the club's new American owners, led by chairman Andrew Cavanagh, along with the investment arm of the NFL's San Francisco 49ers. Cavanagh emphasized their commitment to the club, stating they are invested in Rangers for the long term. Among the resolutions passed, one notable change includes the re-registration of Rangers as a private limited company, moving away from its previous public listing status. This strategic shift aims to facilitate the club's growth and financial management under the new ownership structure.
Cavanagh articulated the motivations behind the investment, citing the passionate support from fans, the iconic Ibrox Stadium, and the competitive nature of the leagues and tournaments in which Rangers participate. He expressed a clear ambition to enhance the club's performance, aiming for league titles, cup victories, and improved competitiveness in European competitions. The club has faced challenges in recent years, with only one Scottish Premiership title in the last 14 years, largely overshadowed by rivals Celtic. The new leadership team, which includes sporting director Kevin Thelwell and head coach Russell Martin, is focused on restructuring the squad and fostering a culture of growth rather than immediate profit. Cavanagh acknowledged that while transparency regarding the investment's allocation will be prioritized, some elements will remain undisclosed for strategic reasons. As the squad prepares for pre-season training, anticipation builds for Martin's debut competitive match against Panathinaikos in the Champions League qualifying rounds next month.
TruthLens AI Analysis
You need to be a member to generate the AI analysis for this article.
Log In to Generate AnalysisNot a member yet? Register for free.