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The Herald Scotland
6 days ago
- Business
- The Herald Scotland
Andrew Cavenagh: Why Rangers and why Russell Martin
All four resolutions at the meeting, held at the Doubletree by Hilton at Glasgow Central, were passed, and that means unrestricted investment is now permitted, beyond the ten per cent cap which was in place following the previous AGM. Cavenagh was asked whether he was looking to make a return on his investment and insisted he has no exit plan, just a growth one. The health tycoon was quizzed on a host of other issues, including his motivations for coming to Scotland and Rangers, and why Russell Martin was the best choice as manager. On the former, the businessman explained there were four factors attracting him to the club. Read more: Explaining where he was when he took the phone call that 'changed his life', he said: 'I was on the Upper East Side of Manhattan, outside a coffee shop, about to go to a New York Yankees game. I've known about Rangers forever as a football fan. So when the phone call came to ask if I'd have an interest, it was a lightning bolt moment. The call was from Les Allan, a banker in New York. I had met him six months prior, and he knew our group was interested in a rare but good opportunity in football. Les called me and I said absolutely. Three seconds later, I was on the phone to Paraag. "There are many things about this club that are attractive. But the big three are the supporters - the breadth and depth of the fanbase is incredible. We've not seen many other clubs in Europe with this sort of scope and passion. Ibrox is an incredibly magical place to attend as a supporter. And the competitions in which we play, the league, the cups and Europe." He has taken in games at Ibrox while the takeover talks progressed, so already has plenty of experience of what it feels like to take in that famous atmosphere on a matchday. Like many before him, he was captivated by the historic stadium. 'It's a physical experience when you walk upstairs at Ibrox," he explained. You walk up the marble stairs to the Blue Room, and in the trophy room in particular, you can just feel the history. There's no other way to describe it. "You walk in and instantly feel indebted to the people who have come before you. But you also have the desire to do everything you possibly can, not just to improve the history, but also to improve the trajectory." Rangers fans want to see ambition and are enthused by the fact that, so far, that is what the new faces are showing. Paraag Marathe (middle, left) is the new Rangers vice-chairman (Image: Craig Foy - SNS Group) Cavenagh and new vice-chairman Paraag Marathe want to return the club to the very top of the Scottish game. He insists they wouldn't be here for any other reason. But at the same time, he acknowledges that it will be hard work and will not happen overnight. "There is real work to be done, I think everyone is aware of that," he said. "Paraag and I are two of the least patient people you will meet and we are also incredibly competitive, so we share our supporters' sense of urgency. We are in with both feet today, and we will move this forward as fast as we can. "We relish that challenge. We are impatient, we are competitive, and so we look forward to the challenge. In terms of the rivalry, I think rivalry is one of the things that makes football great. Our rivalry with Celtic, Rangers wouldn't quite be the same without that rivalry. It's top five in the world. Boca-River Plate, Lazio-Roma, Celtic-Rangers, those would be the three that come to mind. It's fantastic to have that rivalry. And we look forward to the challenge.' Asked how far away those dreams are, he added: 'I would give you the simple answer, which is we have been finishing second and we would like to finish first. We are one position away from where we would like to be. "We think it is achievable, or we wouldn't be here. We don't think it will be easy. It is not going to happen instantaneously but we will strive to improve the on-field performance and we will continue to build the infrastructure of the club. If we didn't think we could win, we wouldn't be here. We are here because we think we can."
The Herald Scotland
6 days ago
- Business
- The Herald Scotland
What Ibrox chairman Andrew Cavenagh said as he addressed Rangers fans
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."
The Herald Scotland
6 days ago
- Business
- The Herald Scotland
Cavenagh & 49ers' £20m Rangers investment approved
All four resolutions at the meeting, held at the Doubletree by Hilton at Glasgow Central, were passed. Over 98 per cent of the votes were in favour on each. The votes passed will allow unrestricted investment, beyond the ten per cent cap which was in place following the previous AGM. RIFC plc will change to become a private limited company as Rangers International Football Club Limited. Read more: What are the four Rangers EGM resolutions? The first and only "ordinary" resolution reads: "THAT, the directors are generally and unconditionally authorised for the purposes of s551 Companies Act 2006 (CA 2006) to exercise all the powers of the Company to allot shares in the Company and to grant rights to subscribe for or to convert any security into shares in the Company up to an aggregate nominal amount of £1,000,000, provided that: A) (unless previously revoked, varied or renewed by the Company) this authority will expire on 31 December 2025, save that the directors may, before this authority expires, make offers or agreements which would or might require shares in the Company to be allotted, or rights to subscribe for or convert securities into shares to be granted, after its expiry and the directors may allot shares or grant rights to subscribe for or convert securities into shares pursuant to such offers or agreements as if this authority had not expired; and B) this authority replaces all subsisting authorities previously granted to the directors for the purposes of s551, which, to the extent unused at the date of this resolution, are revoked with immediate effect, without prejudice to any allotment of shares or grant of rights already made, offered or agreed to be made under such authorities." The second resolution to be voted on, reads: "THAT, subject to the passing of Resolution 1, in accordance with s570 CA 2006 the directors are given power to allot equity securities (as defined in s560 CA 2006) of the Company pursuant to the authority conferred by that resolution as if s561(1) CA 2006 did not apply to any such allotment, provided that: (a) this power is limited to the allotment of equity securities up to an aggregate nominal amount of £1,000,000; (b) (unless previously revoked, varied or renewed by the Company) this power will expire on 31 December 2025, save that the directors may, before this power expires, make offers or agreements which would or might require equity securities to be allotted after its expiry and the directors may allot equity securities pursuant to such offers or agreements as if this power had not expired; and (c) this power replaces all subsisting powers previously given to the directors for the purposes of s570, which, to the extent unused at the date of this resolution, are revoked with immediate effect, without prejudice to any allotment of equity securities already made, offered or agreed to be made under any such power." Resolution three, regarding the club being re-registered as a private limited company reads: "THAT the Company be re-registered as a private limited company under the Companies Act 2006 under the name of Rangers International Football Club Limited." And the final resolution reads: "THAT, with effect from the Company's re-registration as a private company, the articles of association appended to this general meeting notice (the New Articles) be approved and adopted as the new articles of association of the Company in substitution for, and to the entire exclusion of, the existing articles of association of the Company."
The Herald Scotland
7 days ago
- Business
- The Herald Scotland
Andrew Cavenagh delivers bold 10-year Rangers vow at EGM
The US investor, who partnered with 49ers Enterprises to land the 51 per cent takeover deal, addressed those in attendance at the Doubletree by Hilton near Glasgow Central. Describing Ibrox as a "castle" and "magical place", Cavenagh gushed at the life-changing phone call back in October, which led to his involvement at Ibrox. He then vowed he, and Marathe, along with the new leadership team, would not throw money at Rangers, win one title and then disappear. Instead, Cavenagh promised to make Rangers self-sustainable while also delivering league titles, cup trophies and competing on the European front. The businessman then insisted he envisions leading the club not for one year but for at least a decade as he received a warm round of applause for his remarks from impressed shareholders in the room. Read more: "The passion of the fans is the number one thing I love about this club," said Cavenagh, who started his speech by joking he'd stand instead of sitting as to avoid beginning his tenure in a low block. "Number two would be Ibrox. It's our castle and a magical place to be. "Our ambition is to put the team in a position to win the league and compete in Europe. "We're not here to throw money, win a title and go off into the sunset. We are here for the long term. "Resources, people and a plan - the three most important things going forward."
The National
05-05-2025
- Entertainment
- The National
Glasgow pub named the best in Scotland at prestigious awards
The ceremony, held at the Doubletree by Hilton, saw bars, restaurants, and venues from Glasgow and surrounding areas take centre stage. The highlight of the evening was the presentation of the Lifetime Achievement Award to Donald MacLeod. This recognised his decades-long contribution to Scotland's entertainment and hospitality industries. READ MORE: Pope Francis's popemobile to become health clinic for Gaza children Several Glasgow venues were celebrated for their excellence. The Barras Art and Design (BAaD) won Best Outdoor Space, while the Radisson RED Sky Bar was named Best Hotel Bar. Mini Grill Scottish Steakhouse was awarded Best Restaurant, and Berlinkys took home the Best Late Night Venue accolade. The Scallion was recognised as the Best Pub, and Charcoals was commended for its social responsibility. Asad and Mohammed Ali from Charcoals (Image: Supplied) READ MORE: Scotland's 'largest ethnic superstore' to move to bigger Glasgow location Hollywood Bowl in Springfield Quay was named Best Eco-Friendly Venue, and McGoldrick's Pool & Sports Bar in Rutherglen was crowned Best Sports Bar. Cheers Bar in Coatbridge was recognised as the Best Music Venue, while Trattoria Roma in Johnstone was named Best Family Restaurant. The Northern Way in Paisley was awarded Best World Beer. Guests at the event were treated to surprise performances from The Vengaboys and Britain's Got Talent viral star Vinnie McKee. Warren said: 'Congratulations to all who have won or come close, especially and of course to Donald, who has done and continues to do so much for hospitality AND entertainment in Scotland. 'It is a very tough time for everyone right now, but it does seem the hospitality industry is really feeling the heat – people simply don't have the money to go out as often as they did, or they're scared to spend the money they do have. 'We need to socialise, we need that break and to let off steam, escape all the day-to-day worries – and that's what our friends in hospitality provide. 'With many closures and difficulties, it's important to recognise those who go above and beyond to give the public that chance to zone out, relax and de-stress. 'That's what these awards are for – it's a nod and a thank you from the public to the place and people they appreciate, those who do it better than the rest or just offer something really special. 'So while we have big names performing here tonight, the real stars are the award winners from all over Scotland, venues and businesses who stand out every single day and night. 'Thank you to every winner, every highly recommended and every business who perhaps hasn't won tonight but is out there working hard every day to support us all – sadly, there can be only one winner in each category and some are very close.' The awards were determined through public nominations, votes, and on-the-ground judging. The awards served as a celebration of resilience, excellence, and community impact.
