IT’S officially all systems to go for the new American-led era at Rangers.
That’s after the Ibrox club’s new US owners’ immediate plans were rubber-stamped at an EGM.
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It was just a few weeks ago when the American consortium comprised of health insurance tycoon Andrew Cavenagh and 49ers Enterprises sealed the deal to take over Rangers.
After months of talks, the Gers announced at the end of May that it had all gone through, heralding the start of a new era for the Light Blues.
Cavenagh was immediately installed as the club’s new chairman with 49ers chief Paraag Marathe – who’s also the Leeds United chairman – taking up the position of vice-chairman.
The big changes continued with Kevin Thelwell quickly beginning work as sporting director before Russell Martin arrived as head coach the week after the takeover was officially done.
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Martin is working with the Gers squad for the first time today with the players back for pre-season training.
With plenty of change in and around the club, fans are now keen to see new players come in the door sooner rather than later.
And now, a big step forward to that becoming a reality has been confirmed.
For the first time since taking the helm, Cavenagh and Marathe are in Scotland.
They’ve headed for Glasgow where Rangers have been holding an extraordinary general meeting (EGM) this morning at the Double Tree by Hilton hotel in the city centre.
The meeting saw several key resolutions voted on by the club’s shareholders.
The biggest of those was to ratify the proposed £20million injection into the club.
Immediately after the takeover was sealed, the new owners stated their intention to invest the £20m immediately and launch a new share issue – subject to shareholder approval.
Top of the agenda, the resolution has been passed, alongside a second resolution that was directly linked to it.
It means new boss Martin will now have the funds available to add to his squad.
Time is of the essence in terms of squad strengthening with the Champions League qualifiers getting underway in a month’s time.
Rangers will take on Panathiniakos in the second qualifying round.
The rubber-stamping of the investment wasn’t the only thing on the agenda, however.
One of the other resolutions voted on was to ratify Rangers’ switch from PLC (public limited company) to a private limited company (LTD).
Since 2012, the club have been operating as ‘The Rangers International Football Club PLC.’
Going forward, it will now be known as ‘Rangers International Football Club Limited.’
The shift to a limited company sees a change in the business structure and essentially gives the new owners an additional layer of control.
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It also means that any new shares cannot be offered publicly going forward.
All resolutons passed with over 98% approval.
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