A U.S. consortium, led by the owners of the San Francisco 49ers and health care tycoon Andrew Cavenagh, has completed its takeover of Scottish football giants Rangers, the club confirmed on Friday.
The group of investors has acquired a 51% controlling stake of the club and Rangers said the new vision for the future prioritizes "on-pitch performance" and "long-term financial sustainability."
The club added in a statement that the new leadership has already invested £20 million ($27m).
49ers Enterprises, the NFL team's investment business, already owns Leeds United, who recently secured promotion to the English Premier League after winning this season's Championship title.
Cavenagh will lead the consortium and has been appointed chairman, while Paraag Marathe -- the 49ers Enterprises president -- will take up the role of vice chairman.
"This club's history and traditions speak for themselves, but history doesn't win matches," Cavenagh said. "Our focus is simple: elevate performance, deliver results and bring Rangers back to where it belongs -- at the top."
Rangers have won 55 league titles in Scotland, but this year their tally was matched by archrivals Celtic, who also play in Glasgow. Rangers have failed to win a title since 2021, while Celtic have won 13 of the past 14 league titles.
