Rangers chairman ‘relishing’ Celtic rivarly after £20m investment

Rangers are “impatient”, “competitive” and “relishing” the challenge of becoming the dominant force in Scottish football, says new chairman Andrew Cavenagh, after approval was given for £20m investment into the club.

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 US consortium, which includes the investment arm of NFL club the San Francisco 49ers, and existing shareholders 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.

“We relish that challenge”, said Cavenagh.

“In terms of the rivalry, I think rivalry is one of the things that make football great. And our rivalry with Celtic – Rangers wouldn’t quite be the same without that rivalry. It’s top five in the world.

” Boca, River Plate, Lazio, Roma, Celtic, Rangers, like those would be the three things that come to mind.

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.

Cavenagh 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.

“There are four criteria that we looked at for head coach”, Cavenagh said.

“One, somebody that would coach what we think is the right style of play or game model. Two, who will build the culture in the way that we think it needs to be built. Three, who will develop talent. And four, who can win matches.