Rangers Football Club has confirmed a consortium led by Andrew Cavenagh and 49ers Enterprises, the business arm of the San Francisco 49ers, has acquired a majority stake in the club.
The deal, announced on May 30 and approved by the Scottish FA, includes an immediate £20 million investment, pending shareholder approval at a meeting on June 23. Cavenagh becomes chairman, while Paraag Marathe of 49ers Enterprises becomes vice‑chairman .
This investment marks a continuation of NFL-affiliated organisations entering UK football. In June 2023, 49ers Enterprises fully acquired Leeds United for approximately £170 million, following years as a minority stakeholder.
Under leadership including Marathe, Leeds secured ownership of Elland Road by March 2024 and remained in the Championship.
Shahid Khan, owner of the Jacksonville Jaguars, has owned Fulham FC since July 2013. He purchased the club from Mohamed Al‑Fayed for between £150–200 million and has since overseen multiple promotions and relegations .
The Glazer family, owners of the Tampa Bay Buccaneers, completed their takeover of Manchester United in 2005, paying around £790 million via a leveraged buyout. They sold a 25 per cent stake in late 2023 to Sir Jim Ratcliffe’s INEOS group .
NFL-linked club ownership now versatile
These examples show a trend where NFL investors expand globally, drawn by football’s strong fan base and broadcast revenue streams. NFL-linked ownership is now established: Jaguars–Fulham (2013), Buccaneers–Man United (2005), 49ers–Leeds (2023), and now the addition of Rangers in 2025.
Rangers will need to channel the investment into football operations. At Leeds, the 49ers-led board, including Marathe, has focused on recruitment and infrastructure, though promotion remains elusive this season. At Fulham, Shahid Khan and his son Tony Khan have used analytics to support player development, overseeing multiple promotions in a short period.
Rangers will now seek to replicate the approach of their NFL-backed counterparts: steady investment with a strong coaching structure. The next key steps include naming a men’s head coach and preparing for 2025–26. The result will determine whether this NFL-aligned model achieves similar success in Glasgow.
NFL-linked club investments
