Since the announcement of Rangers’ takeover by Andrew Cavenagh and 49ers Enterprises, there’s been a wave of speculation — mostly fuelled by opposition fans — suggesting the investment is underwhelming or already gone. Let’s set the record straight.
❌ Rumour 1: Rangers were bought for just £20 million
✅ Fact:
The £20 million figure isn’t the purchase price — it’s an initial capital injection committed by the new owners to help strengthen the club on and off the pitch. The actual takeover involved acquiring shares and restructuring board control — not a simple transaction with a fixed “sale price” like in buying a house.
The club was valued around £150 million and Andrew Cavenagh and the 49ers Enterprise purchased 51% of the shares in the club, spending approximately £75 million in the process. And have since committed a further £20 million. So their committed outlay on day one of in the region of £95 million.
❌ Rumour 2: The £20 million has already vanished due to losses
✅ Fact:
While Rangers did report financial losses last season, those losses had already been covered by the previous board — largely through loans that were later converted into shares. That means the club wasn’t left scrambling for cash when the accounts came out.
Now that those shareholders have sold their shares as part of the takeover, the burden of those historic losses doesn’t eat into the new owners’ £20 million capital injection. That money is fresh investment — ringfenced for moving the club forward, not plugging old holes.
The idea that it’s “gone” already is simply misinformation.
❌ Rumour 3: Previous board loans swallow all new investment
✅ Fact:
The takeover primarily involved the purchase of shares, not a complete refinancing of all club liabilities. The new ownership bought controlling interest, but that doesn’t automatically wipe existing debts unless they negotiate that specifically.
As of June 30, 2024, the club had approximately £22.3 million in director loans, primarily from John Bennett and Julian Juul Wolhardt. These loans are structured with a 4% interest rate and are scheduled for repayment by July 31, 2028. The terms allow for accelerated repayments under certain conditions.
These soft loans are not aggressively repayable. They’re long-term, low-interest, and from previous directors who were aligned with the club’s success. The new board may view these as manageable — or even strategically useful — compared to raising capital elsewhere.
It’s also possible that any restructuring or early repayment of these loans is being dealt with separately and more quietly, especially given the transition of power on the board. Importantly they do not directly consume the new £20 million investment, which is earmarked for footballing and operational growth.
❌ Rumour 4: The Oscar Cortés transfer eats up the budget
✅ Fact:
Yes, Rangers are obliged to complete the permanent signing of Oscar Cortés following the end of his loan spell, with the fee reported to be around £4.5 million.
However, this was a commitment made by the previous board and has already been factored into the club’s existing financial planning — before the recent £20 million capital injection from the new owners.
In addition, the fee is understood to be structured over three years, meaning the actual cost appearing in this financial year’s accounts will likely be around £1.5 million.
Rather than wiping out the new investment, this deal was a planned part of the club’s ongoing squad development. After two nightmare seasons of injuries for Cortés, the club will be hopeful he can kick on and develop into a long-term asset with significant upside. To do this he needs to get fit and force his way into the team. Next season has to work for him — or it could be the end of the road.
❌ Rumour 5: £20 million isn’t enough to rebuild Rangers
✅ Fact:
This rumour completely misses the bigger picture. Rangers have typically spent between £15–20 million on transfers in recent seasons — before the takeover. So it’s entirely reasonable to assume a transfer budget was already planned by the club’s finance team for the summer window, even without the new investment.
Even if this summer’s plans were scaled back slightly due to previous losses, it’s realistic to expect at least £10 million was already allocated for incoming transfers. The £20 million injection from the new owners is in addition to that, although some of it will be used for off-field improvements — which are already underway.
The new board has greenlit:
- New facilities at the training centre
- Copland Stand facility upgrades
- Replacement of metal barriers with glass at the front of Copland Rear to enhance the fan experience.
These are not vanity projects — they’re part of a modernisation strategy that complements spending on the pitch.
And let’s not forget player sales:
- Ben Davies and Kieran Dowell could bring in a combined £3 million
- José Cifuentes may be sold for around £1 million
- Cyriel Dessers could leave for £4 million
- Nicolas Raskin is attracting serious interest and may command a significant fee
Even with conservative estimates, Rangers could be looking at a total transfer budget of £30–40 million this summer — the largest in years, and a clear signal of ambition.
❌ Rumour 6: The new owners can’t be trusted and are taking the club private
✅ Fact:
There’s been plenty of speculation — often framed in a negative light — that the new owners are trying to “take Rangers private.” While the headlines might sound dramatic, the truth is more straightforward, and more common than some would have you believe.
The club’s holding company — Rangers International Football Club PLC — is set to undergo a name change to become Rangers International Football Club Limited. This move, subject to shareholder approval at an Extraordinary General Meeting on June 23, reflects a transition from a public limited company (PLC) to a private limited company (Ltd).
This is not the creation of a new company, nor is it a secretive restructuring. The football club — legally known as The Rangers Football Club Ltd — remains intact, with its full history and operations unaffected.
What this change does signal is a strategic consolidation by the new majority owners, Andrew Cavenagh and 49ers Enterprises, who now control 51% of the club. Moving to a private structure allows them to:
- Simplify governance and reduce regulatory overhead
- End years of fractured shareholder politics
- Focus on long-term growth rather than quarterly financial optics
Many top clubs — both in Scotland and across Europe — operate as private limited companies. It enables faster decision-making and removes the risk of disruption from minor shareholders derailing progress.
It’s a move designed for stability, not secrecy — and it’s entirely in line with the club’s ambition to modernise and rebuild properly under unified leadership.
🧠 Final Word
Let’s not fall for the noise from rival fans or clickbait merchants. This takeover isn’t about throwing cash at the wall — it’s about building a winning structure. With new leadership, modern thinking, and a proper footballing strategy, Rangers have a real chance to return to the top — and stay there.
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