The Wanderer has been taken over by officials from the U.S. consortium, including the investment department of 49 people in San Francisco.
Negotiations on the future of the Glasgow club have been going on for several months, but a group led by Andrew Cavanagh has now purchased 51% of the club’s shares.
A new investment of £20 million will be made in the summer, and the new manager is expected to be named soon.
Rangers Football Club is pleased to announce that a group of investors led by Andrew Cavenagh and the 49-person business have purchased a majority stake in the club with the approval of the Scottish FA.
The consortium will develop a new strategic vision for the club’s future… pic.twitter.com/x9m40q2knt
– Rangers Football Club (@rangersfc) May 30, 2025
The 49ers Consortium also owns Leeds United.
“The consortium will put in a new strategic vision for the club’s future to lay out priority levels of performance and long-term financial sustainability,” Wanderers said in a statement.
Former Real Madrid assistant David Ancelotti and former Southampton boss Russell Martin are reportedly one of the main candidates for the manager’s job.
The Rangers fired Phillippe Clement in February, former midfielder Barry Ferguson on temporary charges.
Rangers trailed the Celtics by 17 points in the league and did not win the trophy this season.
An open letter from the consortium said: “Our priority is clear: hiring a new male head coach. This process is already good and we look forward to sharing more updates soon. We will also hope to invest in talent for our team.”
“In short – our goal is to win trophy in Scotland and be able to compete at a high level in Europe while laying the foundation for future financial sustainability.”
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