Rangers Football Club has been acquired by an American consortium composed of 49ers Enterprises and health insurance industry entrepreneur Andrew Cavenagh (pictured above).
The agreement includes an immediate cash investment of £20 million (US$27 million), contingent upon shareholder approval during the club’s general meeting scheduled for June 23, according to a statement from the club.
49ers Enterprises, the investment arm behind the National Football League’s San Francisco 49ers, previously completed a takeover of Leeds United Football Club in 2023. Leeds United has since returned to the English Premier League.
The consortium did not disclose the valuation attached to their 51% stake in Rangers. However, earlier reports from Bloomberg indicated that initial discussions valued the club between £120 million and £140 million. This estimate is close to the £100 million valuation recently associated with Wrexham FC.
Founded in 1872, Rangers Football Club has been under the ownership of various Scottish business figures in recent years. The club regularly draws large crowds to its 51,000-capacity Ibrox Stadium in Glasgow. Despite strong attendance, Rangers’ revenue trails behind that of English Premier League clubs.
Cavenagh, a co-founder of ParetoHealth, brings a background in health insurance and risk management to the new ownership structure. ParetoHealth, established to offer innovative employee benefits captives and self-insurance solutions, manages approximately £5.2 billion in assets and focuses on providing cost-containment strategies for mid-sized employers in the United States.
Cavenagh previously held roles at Berkley Accident & Health and M&T Bank, where he worked in areas connected to insurance underwriting and finance. He has also participated in industry committees of the Self-Insurance Institute of America (SIIA), providing input on self-funded insurance structures and regulatory matters.
In February, Cavenagh stepped down as CEO of ParetoHealth, with Maeve O’Meara taking on the role. Cavenagh transitioned to executive chairman, allowing him to focus on strategic initiatives, including his involvement with Rangers.
Cavenagh's experience in the captive insurance sector is expected to influence the club’s approach to financial management. Captive insurance, a model where a firm creates its own insurance company to manage risks, could present new financial strategies for Rangers as it seeks to stabilise and enhance its revenue base.
Jed York, who has been the 49ers' chief executive officer for more than a decade and assumed full ownership in March 2024 after purchasing additional family shares, leads the 49ers group. Bloomberg’s Billionaires Index lists Denise DeBartolo York, a member of the same family, with an estimated net worth of US$7.8 billion.
Cavenagh joins the Rangers board as chairman. He will be supported by Paraag Marathe, a 49ers executive and chairman of Leeds United, who will serve as vice chairman at Rangers.
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