Scottish soccer club Rangers confirmed on Friday a U.S.-based consortium that includes an investment arm of the San Francisco 49ers has purchased a majority ownership stake.
Rangers said health insurance entrepreneur Andrew Cavenagh and 49ers Enterprises led the consortium of investors that was reported to have bought a 51 stake. The purchase price was not disclosed.
The club said the group has committed to invest 20 million pounds 27 million right away, subject to shareholder approval in June.
In July 2023, 49ers Enterprises completed the takeover of Leeds, which will play in the Premier League next season after winning the second-tier title.
In Glasgow, takeover talks had been ongoing for months as Rangers finished a distant second to fierce rival Celtic in the Scottish Premiership this season. Celtic has won the league title for four straight years.