23-06-2025
Inside the phone call to Andrew Cavenagh that changed Rangers history – and how he ‘learned new phrases' at Celtic game
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ANDREW CAVENAGH was drinking coffee in New York's Upper East Side when his phone rang.
It was the call he'd been waiting for - one he knew would change his life.
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Andrew Cavenagh spoke to the media for the first time today at the Rangers EGM
Credit: Willie Vass
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He and Paraag Marathe are determined to alter the course of Rangers for good
Credit: Willie Vass
On the other end was Les Allan, an investment banker from Edinburgh now based in the Big Apple.
He came straight to the point with an offer to buy Rangers.
Within SECONDS, Cavenagh was working on the multi-million deal he hopes will lead to the restoration of an institution.
Having formally introduced himself to shareholders at the club's EGM in Glasgow today, Cavenagh then faced the media for the first time.
And he was delighted to share the details of how the biggest deal of his life came about.
Cavenagh revealed: '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 Marathe.
'There are many things about this club that are attractive. But the big one is the supporters - the breadth and depth of the fanbase is incredible.
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'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.'
Cavenagh, a former banker, is the co-founder and former chief executive of US company ParetoHealth.
He is also now the chairman of and co-owner of Rangers.
In partnership with 49ers Enterprises, Cavenagh has been entrusted with the job of restoring the club to its former glory.
The size of the task is not lost on him. Nor is the burden of expectation he now carries.
Yet he believes he has a plan in place - which includes an immediate £20million investment - which can turn the Ibrox club's fortunes around.
Cavenagh said: 'I was a goalkeeper playing football growing up.
'We had a play-off match in my senior year and the coach came up to me ahead of the match and said 'Andrew, everyone on the field today is going to make mistakes - all 11 including you. They just happen to have a special place to keep track of yours and it is called a scorebox'.
'Being a goalkeeper, while I would not make myself out as much of a player, it teaches you that you can have big moments, you are going to have to make big decisions, and you have to live with the ones that you get wrong. I am prepared.'
After first hearing about the possibility of a takeover in October, Cavenagh travelled to Ibrox for the first time last November.
Back then he was just another face in the crowd. Now he's the custodian of the club - the man carrying the hopes and dreams of thousands.
He said: 'It's a physical experience when you walk upstairs at Ibrox.
'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.
'I've been a football fan all my life. I've been to five World Cups and five European Championships.
'I've been to countless matches. I think I did 14 new stadiums in the last year.
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'The last few months have been an incredible experience.
'One of my favourite moments in life is the five minutes before the match kicks off when you can feel the electricity.
'I was lucky to go to the match at Parkhead and it was incredible.
'I learned a couple of new phrases and gestures when I was there, but it was a fantastic experience.
'It was the first match where our fans were allowed back in and we had 2500 fans there. They were incredibly loud and vocal in showing their support.
'It was one of the best football experiences of my life.'
Educated at Swarthmore College, Pennsylvania, Cavenagh is a high-powered executive who has dealt with pressurised situations his entire career.
The immediate pressure he faces at Ibrox is trying to reach the Champions League while stabilising the club's finances.
He said: 'Champions League is the goal we are trying to get to every year.
'That is our goal and we have to get through three matches, or three sets of matches and that won't be easy.
'It is important because it brings more revenue. It will always be our benchmark.
'At the moment £20m is the amount of primary capital that we are putting in.
'We have been careful to not say we won't put more in and to not say we will put in.
'When we think about the amount of capital that is needed, we look at it through three lenses.
'The first is what impact will it have and we think £20m into the club – and again, we're not being specific about where it is going – is the right amount this summer.
'We are not looking for what I think of as the sugar high – come in and spend some money, sign some players and try to win something and then you have the sugar crash that comes from that.
'Our ownership group has looked at this on a long-term basis.
'One of the things we hope we bring is the financial power to create stability so we are not living hand to mouth and the club can operate from a platform of stability.'
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