Rangers are on the verge of a US takeover which will alter the landscape of the Ibrox side’s eternal battle with Old Firm rivals Celtic.
The group is led by American healthcare mogul Andrew Cavenagh and 49ers Enterprises chief Paraag Marathe, with Cavenagh in attendance as Rangers defeated Fenerbahce.
With a sizeable fortune backing these American investors, Rangers will get access to a commercial network which could propel the club into the stratosphere.
But will the US takeover make Rangers the richest club in the Scottish Premiership?
Will Rangers soon be richer than Celtic?
The 49ers Enterprises group is a global sports consortium named after NFL side the San Francisco 49ers.
Paraag Marathe has pointed to expansion within the group after the successful takeover of Leeds United, with Daniel Farke on track to guide the sleeping English giant back to the Premier League this season.
Acording to Forbes, 49ers Enterprises are the 14th largest sports enterprise group in the world with a valuation of around $7.21bn (£5.58bn).
This already dwarves the value of Celtic’s biggest individual shareholder Dermot Desmond (£1.7bn, Forbes), who owns just under 35% of the Parkhead club.
Throw Andrew Cavenagh into the mix – the US healthcare tycoon’s ParetoHealth insurance company manages over $8bn (£6.33bn) in assets (the Athletic) although the businessman’s personal wealth is unknown – and suddenly Rangers look to have access to much more cash than Celtic.
But it is not quite so simple, as football finances expert Adam Williams exclusively explains to Rangers News.”
When we’re talking about the wealth of the two clubs respectively and how the takeover will affect the dynamic, you need to consider internal and external factors,” said Williams.“
Internally, Celtic are just ludicrously good at making money. I think their revenue this season could potentially reach £150m, which is almost three times what they earned on average a decade ago.

“They’re also consistently profitable, more so than virtually every club in Europe. They have really, really strong cash reserves too.
”Rangers’ turnover is much more modest. Matchday and commercial income are lower, and their lack of success on the pitch relative to Celtic means they are weaker financially across the board.
”Yes, the 49ers are much wealthier than Desmond. But ultimately, it doesn’t really matter how rich Rangers are on paper after the takeover if they, as a business, are miles behind.”
Commercial revenue could hold key to Rangers’ success
Looking at the graph on revenues, you can see just how much Champions League football is impacting Celtic’s financial superiority over Rangers.
It’s the Ibrox side’s success on the European stage that has so boosted the Scottish coefficient, with Rangers’ immense work on the continent essentially propping up Scotland’s automatic Champions League spot.
Out of the last five seasons, Rangers (17.825) are ranked 8th in the whole of Europe in terms of coefficient points. Celtic (9.900) are 57th.
Celtic have had to go out and regain domestic dominance of course, but the figures highlight just how big a blow the club’s mismanagement since winning the title in 2021 has actually been.
Rangers and Celtic were virtually neck and neck in terms of revenue back in 2022 but the Gers’ failure to capitalise in recent seasons has seen our Old Firm rivals stretch their neck out in front.
At present, Celtic’s revenue is dwarfing that of Rangers by a substantial £37m per annum.
The Ibrox side rely heavily on matchday income whilst our Old Firm rivals have diversified into commercial, also feeling the benefit of increased TV revenues through the Champions League.

It’s that commercial gap that Williams believes Rangers will seek to plug, with the 49ers and Cavenagh having the contacts to establish the Ibrox side as a global commercial force.
Williams also expects American investment to flood into Rangers with cash needed to compete with Celtic, something the US backers will be well aware of.
”Financially, they will have to go backwards to come forwards,” explains Williams.
“The 49ers have huge capacity to underwrite losses. They will spend heavily to give Rangers a platform for success.
“I suspect the commercial department is where they will really want to push the envelope. They are experts in this field – they have the contacts, the know-how, and the vision.
“In this capacity, I think they have every chance of catching up with Celtic in the balance sheets, though it is a long-term project.”
Could US investment come at a cost for Rangers fans?
Since Rangers’ financial implosion back in 2012, Celtic have dominated the Scottish game and this season overtook the Ibrox side’s world-record 118 trophy haul.
With Celtic likely to pick up their 120th and 121st trophies in the Scottish Premiership and Scottish Cup this season, the situation is increasingly drastic at Ibrox.
Change is needed to ensure Rangers keep pace at the top of the Scottish game and turn around what’s been a desperate decade and a half in Glasgow.
The current Rangers board have put their blood, sweat, tears and hard-earned cash into the club but ultimately they have unable to put in place a profitable and sustainable business model.

But whilst the current Rangers investors have retained an Ibrox soul – the core group of the club’s backers have always been in it for the love of Rangers – fans might have to accept uncomfortable changes if the club is to reach its potential.
It all comes down to the 49ers long-term aims at Ibrox.
“I fully expect the 49ers to invest in the infrastructure to make the club much more financially successful,” said Williams.
”Eventually, they will want the club to stand on its own two feet, but I don’t think they will be under any illusions in that funding is required to improve Rangers’ fortunes on the pitch and behind the scenes.
“One caveat is that a US franchise sport-style approach to commercial strategy and the matchday experience might bring some changes Rangers fans might not be comfortable with.
“There should also be some reflection on what 49ers want out of this deal. Do they want to skim profits off the top or is a capital appreciation model whereby they will one day sell the club for a huge markup?
”That will be key in how they run the club and their ability, ambition and strategy to match Celtic financially