Fresh £20m Rangers investment approved

The club’s new American owners have approved of their proposed investment of $ 20 million, with new chairman Andrew Cavenagh stating that they will stay at Ibrox “for the long haul.”

The four resolutions were approved by the shareholders at a special meeting in Glasgow with 98% support.

One of those was for Cavenagh and his consortium, which includes the San Francisco 49ers’ investment arm, to be permitted to enter the Scottish Premiership club with additional funds.

Cavenagh cited three factors in his decision to invest in Rangers: the “supporters’ passion,” the stadium, which he claimed “gives the team an advantage,” and the competitions they compete in, including the league, the cups, and Europe.

Rangers, who finished second last season, have won the Scottish Premiership once in 14 years under the control of rival city Celtic.

According to Cavenagh, the controlling group’s goal is “to put the club in a position to win the league, win cups, and be more competitive in Europe.”

He added that he and his fellow investors are concentrating on building the club rather than making any profit.

He said, “We have a growth plan but no exit strategy.” After growth, “We’ll figure out an exit strategy.”

Russell Martin, a former Southampton manager, soon became the squad’s head coach and Kevin Thelwell took over as Everton’s sporting director this summer.

When asked how the $ 20 million will be spent, Cavenagh responded, “We will be transparent wherever we can be, but we will be opaque elsewhere, and this is one.”

Martin’s first competitive game is scheduled to be against Panathinaikos in Champions League qualifying next month, with the Rangers squad arriving for pre-season on Monday.

Marathe, who also serves as a senior executive with the San Francisco 49ers, said he would manage Ibrox through a period of transition.