DUAL OWNERSHIP AND THE RANGERS TAKEOVER: SFA STATEMENT RAISES MORE QUESTIONS
- BY LIAM CARRIGAN
- Jun 12
- 3 min read
When is a problem not a problem? When that problem could harm any club called Rangers. At least that seems to be the SFA’s take on the dual ownership debate.
Amid growing concerns as many football fans cast their eyes south of the border and look at the possible European expulsion of Crystal Palace over dual ownership rules, SFA chief Mike Mulraney, ever eager to open his mouth and quickly lodge his foot into it, waded in to calm the nerves of the Rangers fans (and I don’t just mean the reporters) concerned about their beloved club facing similar problems in the future.
Rangers Takeover Questions Raised as SFA Insist 49ers are a “Minority Shareholder”
Mulraney said: “We make sure if ever there is a contention about a dual-ownership model whereby the Scottish club would be seen as subordinate, that cannot be. You can’t get investment rights unless you agree the Scottish club is never subordinate.”
This doesn’t tally with what the Daily Record, The S*n, et al have been feeding the Rangers support since day one.
From day one of this takeover story breaking, all the sycophants in the Scottish media, led by Ibrox’s cheerleader of choice Keith Jackson have insisted that this takeover was being driven financially by 49ers Enterprises.
The 49ers logo has been trotted out with monotonous consistency ever since the story initially broke in February. So, what is going on?
Unsurprisingly, yet again the Record just printed Mulraney’s words without any form of inquiry or questioning.
Here is a bit more detail, since the Daily Record is either unwilling or incapable of providing any additional context.
Hearts recently confirmed a deal worth almost 10 million pounds for about 29% of the club, purchased by Tony Bloom, who is also the majority shareholder of Brighton and Hove Albion in the EPL. Bloom also has a similar stake to his Hearts investment in Belgian side Union Saint-Gilloise.
Hibernian are also mentioned in the Daily Record report. Black Knight Football Club, an investment firm linked to several football clubs worldwide, including EPL side Bournemouth acquired a 25% stake in Hibs back in 2024.
According to SFA rules, there’s clearly no issue here, because Tony Bloom only owns 29% of Hearts and Black Knight only own 25% of Hibs. However, the picture with Rangers is far murkier.
The Daily Record hailed a new era a few weeks ago, included a self-appointed victory lap from Jackson, when they claimed that “The 49ers takeover of Rangers was complete.”
So, someone is, at best, being selective with the truth here. Is it The Daily Record? Is it Rangers or is it the SFA?
Someone has acquired 51% of Rangers. That much is true. But according to the SFA it isn’t the 49ers. Andrew Cavenagh would seem like the obvious surrogate, but his personal wealth, even by the most optimistic of estimates is somewhere in the region of 30-40 million.
A seasoned vulture-capitalist like him would never risk more than half of his own personal wealth on a project as volatile as Rangers, even if he does have the logistical, if not financial, backing of the 49ers.
The picture will become clearer after June 23rd, when Rangers’ next EGM will confirm the new owners and, hopefully, offer some clarity as to who they actually are.
In any case, the lack of transparency around this whole deal is concerning. Naturally, one has to ask: “Would this have ever been allowed if it was any team other than Rangers?”
