Rangers Football Club has entered a new chapter following its acquisition by an American consortium comprising 49ers Enterprises and healthcare industry veteran Andrew Cavenagh. The agreement includes an immediate £20 million (US$27 million) cash injection, subject to shareholder approval at the club’s general meeting on June 23.
49ers Enterprises—best known as the investment arm of the NFL’s San Francisco 49ers—brings substantial sports ownership experience to the deal, having successfully completed a full takeover of Leeds United in 2023. Under their stewardship, Leeds returned to the English Premier League.
While the exact valuation for the 51% stake in Rangers was not disclosed, Bloomberg previously reported that discussions had placed the club’s value between £120 million and £140 million. That figure is comparable to the recent £100 million valuation of Wrexham FC.
Founded in 1872, Rangers remains one of the most storied football clubs in Scotland, with a passionate fanbase and a 51,000-seat home at Ibrox Stadium in Glasgow. Despite strong attendance figures, the club’s revenues continue to lag behind those of its English Premier League counterparts.
Andrew Cavenagh, the new chairman of Rangers FC, brings deep expertise in finance, insurance, and risk management to the club’s leadership. He is the co-founder of ParetoHealth, a U.S.-based firm that provides self-insurance solutions and employee benefit captives for mid-sized companies. ParetoHealth oversees assets of approximately £5.2 billion and is known for its innovative cost-containment strategies.
Cavenagh’s prior roles include senior positions at Berkley Accident & Health and M&T Bank, where he specialized in insurance underwriting and financial services. He has also served on key committees within the Self-Insurance Institute of America (SIIA), contributing to the advancement of self-funded insurance models and regulatory policy.
In February, Rob Cavenagh stepped down as CEO of ParetoHealth, handing the reins to Maeve O’Meara. Cavenagh assumed the role of executive chairman, a move that allows him to concentrate on broader strategic initiatives—including his expanding involvement with Rangers Football Club.
Cavenagh brings deep expertise in the captive insurance sector, a financial model in which companies establish their own insurance entities to manage risk more effectively. His background is expected to shape Rangers’ financial strategy as the club looks to strengthen and diversify its revenue streams.
The 49ers group, which holds a significant stake in Rangers, is led by Jed York, who has served as CEO of the San Francisco 49ers for over a decade. In March 2024, York assumed full ownership of the NFL franchise after acquiring additional family shares. Bloomberg’s Billionaires Index currently estimates the net worth of Denise DeBartolo York, a member of the same family, at approximately US$7.8 billion.
Cavenagh now joins the Rangers board as chairman, supported by Paraag Marathe, a senior 49ers executive and chairman of Leeds United. Marathe will serve as vice chairman at Rangers, further strengthening the club’s leadership team as it enters a new phase of strategic development.
