The health insurance tycoon is a significant stakeholder in the US consortium’s takeover of the Scottish Premiership giants
American tycoon Andrew Cavenagh has broken his silence for the first time since Record Sport disclosed that he is the major force behind the Rangers takeover.
Going into the historic Europa League second leg against Fenerbahce, we disclosed that Cavenagh would be among of the delegation that received a red carpet welcome at Ibrox.
The four-man entourage featured San Francisco 49ers agent Gretar Steinsen, a former Iceland international who was enticed into a major role at Leeds United by the NFL giants.
Cavenagh was in Istanbul last week to watch Barry Ferguson’s side triumph to a remarkable 3-1 victory, and he booked into a posh city center hotel shortly after 3pm on Thursday before a thrilling night under the lights in Glasgow.
He was in the grandstand to soak up the atmosphere as Ferguson and his team celebrated reaching the quarterfinals following the Light Blues’ epic penalty shootout triumph over Jose Mourinho’s side.
Cavenagh spoke briefly to the Sky Sports cameras as he departed Ibrox following the game, saying: “A wonderful match tonight. “I’m only here to support the club.”
Cavenagh’s landing on Scottish territory is the clearest sign yet that his multimillion-dollar acquisition is nearing completion.
Record Sport had reported that he attended a home match versus St Johnstone in January. That was before it was revealed to be essential to the US consortium’s aspirations to acquire more than half of the ownership.
The Philadelphia-based medical insurance mogul is poised to take the lead in the club’s efforts to turn around its woes.
It is understood that a series of deals to buy out numerous significant shareholders have been reached, with the documentation now in the hands of legal teams for final approval.
As part of the agreement, Cavenagh and Paraag Marathe – head of 49ers Enterprises and Elland Road chairman – have promised to invest millions of pounds in the club ahead of the summer transfer season.
