Rangers new American owners have been given the go ahead to invest £20m into the club, with new chairman Andrew Cavanagh insisting that they are at Ibrox “for the long haul”.
A cash injection pledged by Cavenagh and his consortium, which includes the investment arm of NFL club the San Francisco 49ers, will be allowed to come into the Scottish Premiership club.
Cavenagh became Rangers’ new chairman while Paraag Marathe – the Leeds United chairman – was installed as vice-chairman after the takeover was complete last month.
They have set their sights on toppling Celtic’s domestic dominance. Rangers have won the title just once in the last 14 years, when Steven Gerrard stopped Celtic from claiming what would have been an historic tenth successive title.
Cavanagh said the aim now is “to put the club in the position to win the league, win cups and be more competitive in Europe”.
He also added that he and his fellow investors are focusing on building the club rather than how they might realise any profit.
“[We have] no exit plan but a growth plan,” he said. “We’ll figure out exit plan after growth.”
Kevin Thelwell also joined as sporting director from Everton this summer, with former Southampton manager Russell Martin arriving soon after as head coach and looking to reshape the squad.
When asked about how the £20m will be spent, Cavenagh said: “We will be transparent where we can be, but we will be opaque in other areas and this is one.”
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