What Ibrox chairman Andrew Cavenagh said as he addressed Rangers fans

The Herald Scotland

7 days ago

On the day that John Gilligan, Dave King and Paul Murray were finally elected to the board 10 years ago – a move which successfully ousted a reviled hierarchy which comprised Mike Ashley associates Derek Llambias and Barry Leach – at an Extraordinary General Meeting there were jubilant scenes down Govan way.
One Bear even turned up wearing a rat mask and holding a sign which read, 'Glasgow Airport is five miles. Rataway. Taxi for Ashley, Llambias, Leach.'
There were no such unruly scenes, no animosity, at an EGM in the Doubletree by Hilton hotel in Glasgow city centre this morning as an important staging post in the successful £75m takeover by a consortium which comprises American health insurance billionaire Andrew Cavenagh and 49ers Enterprises was reached.
The duo's proposed £20m investment into Rangers was dependent on one ordinary resolution and three special resolutions being accepted by shareholders. It was all a formality. Still, with new chairman Cavenagh and vice-chairman Paraag Marathe in attendance and making themselves available to shareholders to answer questions there was a bumper turnout.
The decision by the likes of John Bennett, Dave King, Douglas Park, and Barry Scott to sell part or all of their stakes to the Cavenagh-49ers Enterprises alliance met, after another wretched, trophyless season with the complete approval of the vast majority of supporters. Hopes are high things will be different on and off the park moving forward. The gathering proved to be a bit of a love-in.
Chief executive Patrick Stewart, former chairman Fraser Thornton, vice-chairman Marathe, and chairman Cavenagh received a warm ovation from several hundred supporters when they took to the stage.
Cavenagh stood and started with a quip about why he wasn't sitting as he spoke. "I figured it wasn't the right way to start this relationship with a low block," he said.
He added, "Last October I got a phone call and I will never forget it. It changed my life. Would you and your group have an interest in investing in Rangers. I said, 'Absolutely'.
"The breadth and depth of the passion is the number one thing I love about this club. No 2 is Ibrox. I think of it as our castle. It gives us a competitive advantage. It is a magical place to play.
"Let me be clear about our ambitions. Our ambition is to win leagues and cups and do it in a financially self-sustaining manner. It is our goal to make sure that the club is in that position over the next 10 years. It is incredibly important that we continue to attract the best talent."
Marathe said, "Our philosophy is pretty simple and it is - is about making data-based decisions. It has worked for us in different organisations and I believe it will work for us here."
Rangers fan ad former MP Sir Brian Donohoe was , "I welcome the input of the 49ers consortium. I am a long-term shareholder of the club. I would ask that you would give the 49 per cent some respect. I still can't see where the 49 per cent of the shareholders are being represented in the Articles of Association."
Cavenagh said, "There are so many supporters shareholders in the club and we think that is fantastic. We really value that. There are a couple of different ways the minority are protected.
"In UK law there are certain things that can't happen unless 75 per cent agree. George Taylor and John Halstead will make sure the minority shareholders are represented. Our focus is on making sure the club has our resources."
Resolution One dealt with the allotment of shares and effectively enables Cavanagh and the 49ers Enterprises to invest fresh capital in return for shares. Resolution Three and Resolution Four, meanwhile, concerned the move to a Limited Company and the new Articles of Association.
Cavenagh confirmed that it is the new Rangers hierarchy's intention to continue to hold an AGM when they become a PLC and to continue to consult with the Rangers Fan Advisory Board.
A fan asked if stadium expansion was something that would be considered. Marathe said, 'Right now our first priority is improving us on the pitch, that is the urgent priority. But absolutely. We have a tremendous supporter base. We have already been looking at different things from an expansion perspective."
One fan then asked, "What players are we going to get? Are we going to get someone who can pass the ball to our centre forward."
Marathe said, '"It is best for all of us that we keep our efforts private. Our goal is to make the club as successful as possible. That doesn't necessarily mean throwing money at it, it means being smarter, being more wise and building a plan for sustained success. We hope there are a lot of trophies and cups for us within our lifetime"
Cavenagh stated, "This is not and will never be about me or about Paraag. Football decisions will be made by football people."
One fan asked if the new board realised that Rangers would be under pressure to perform from their first game of the season.
Marathe said, "Every manger is under pressure to win. We all feel it, Russell [manager Martin] feels it. There is no such thing as a honeymoon period in professional sports."
Asked how much money Martin would have to spend on players this summer, Cavenagh said, "Echoing what Paraag said earlier, we will be as transparent as we can be. In other areas, we are going to be really opaque and this is one of those areas."
One fan asked how Cavenagh and 49ers Enterprises planned to monetise their investment.
Cavenagh said, "I will give you a really blunt answer - we do not have an exit plan, we have a growth plan. We will figure out the exit plan once we have achieved the growth plan."
One fan accused Rangers of being weak in their dealings with the SFA and referenced the fine the club were hit with for John Brown's comments on RTV about a disallowed goal at Easter Road last season.
"You make a good point," said chief executive Stewart. "We have made two pretty forceful statements. We do believe what the SFA did is inconsistent. But we do need to work with the SFA. We will fight the fight when we think there is a clear case. We will stand our ground when it is justified."
It was revealed that Marathe and Cavenagh will meet with the SPFL tomorrow and the latter said, "Working together with the other clubs is important."