theRangers – A departure from caretaker-style stewardship
VAR decision at Ibrox for their offside goal. theRangers v Celtic, 4 May 2025. Photo Vagelis Georgariou
The takeover at theRangers by Andrew Cavenagh and 49ers Enterprises, concluded in late May, comes with an initial £20 million investment via a share-issue. Meanwhile, a move to a private limited company structure, and new sporting leadership under Kevin Thelwell and Russell Martin is quite intriguing.
Meanwhile Vice‑chair Paraag Marathe draws on Leeds United experiences and boasts, in corporate jargon, or gobbledygook, of global gravitas and non-compulsory squad sales, alongside, it appears, genuine ambitions to re-establish theRangers for sustained domestic and European success.
Early signs are arguably promising for them—the injection of capital, structural control, but with a coherent long-term plan – promised, but arguably still short on detail – marks a clear departure from the old school caretaker-style stewardship of previous regimes.
New Rangers Head Coach Russell Martin ninth dressing room at Ibrox Stadium. Russell Martin unveiled as the new…Photo IMAGO / Shutterstock
The key will be execution and in the money. Russell Martin must rapidly recruit, as an aging squad faces tight Champions League qualifiers and the unrelenting immediacy of a Scottish football ecosystem obsessed with just two clubs. You may only play Celtic four times a season in the league, but indirectly you play them every week.
Verdict: This time theRangers may have stumbled onto the real deal here. They now arguably have some financial firepower, though how thinly they can spread it still seems open to question. But the intent is evident, and Russell Martin has progressed well as a coach, but can he manage the expectation as well as the changing room?
theRangers CEO Patrick Stewart is seen during the Scottish Premiership match between theRangers FC and Aberdeen FC at Ibrox on May 11, 2025. (Photo by Ian MacNicol/Getty Images)
It will however be interesting to watch how quickly the squad responds. Could theRangers be genuine contenders again? You get the feeling that the devil may well show in the detail when all this gets up and running. Hearts seems to be embracing scrutiny and transparency in Edinburgh; there remains a nagging feeling with
theRangers that they’d prefer to avoid both. So, what do they have to hide?
