Rangers finished second, behind rival Celtic, in the last four seasons of the Scottish Premiership. Photo by Brian Stewart/EPA
May 30 (UPI) -- Healthcare executive Andrew Cavenagh and 49ers Enterprises completed their ownership takeover of Rangers, the Scottish Premiership soccer franchise announced Friday.
The new ownership group committed to invest nearly $27 million into the club, which will be subject to shareholder approval.
"We are deeply grateful for the trust placed in us by the Rangers board, shareholders, staff, and supporters," Cavenagh said in a news release. "This club's history and traditions speak for themselves, but history doesn't win matches. We know that the true way to honor the club's heritage will be to drive performance.
"Our focus is simple: elevate performance, deliver results, and bring Rangers back to where it belongs -- at the top."
