David Herd attended todays EGM, here is his written report from today.
RANGERS EGM
Rangers E.G.M. Shareholders meeting 11am
Monday 23 June 2025
Meeting hosted by Graham Horseman, company secretary.
Top table Andrew Cavanagh Chairman
Paraag Marathe Vice-chairman
Fraser Thornton Director
Patrick Stewart Chief Executive
Opening remarks
Andrew Cavanagh spoke first.
He stated that he first received a phone call in October last year to ask if any interest in Rangers FC, a day he said had “changed his life”. He stated there were 3 outstanding reasons that excite him about his new role at the club:
1 The support a worldwide and passionate fan base steeped in history
2 The stadium an iconic venue which is “our castle”
3 The Competitions we can win the title and 2 different cups as well as compete in Europe. The excitement of competing on multiple fronts.
He finished by confirming his ambitions for Rangers. To win leagues and cups (plural), be competitive in European competition, and to be financially self-sustaining in the long term (10 years onwards).
This last point was expanded as requiring 3 elements
1. Resources.
2. The best people Sticking to the plan both financial and intellectual on the pitch and off of it.
3. Not just having a strategy, but executing it.
END
Paraag Marathe then spoke.
First introducing the shareholders to his background of delivering sporting excellence, and how the blueprint he used in San Francisco and Leeds will be the blueprint again.
Despite having no cultural or emotional link to the club, he already feels connected and is determined to add to his past successes by putting Rangers back on top.
His philosophy is simple – hire the best people, empower and listen to them, make everyone accountable to succeeding in their area of the business.
He was passionate about there being no room for ego, and that it is vital those at the top don’t want or need to make day to day decisions. Football people should make football decisions then be accountable for them.
Decisions will be thoughtful, data based and disciplined – a simple but proven model.
He also said that having driven, ambitious, motivated and aggressive people in the right roles is vital to gaining competitive advantage.
END
There was then a 30-minute Q&A section.
Q&A
– How will the new owners listen and engage with the 49% of minor shareholders
Cavanagh: fantastic to have such a large supporter shareholder base. There are 2 directors (Taylor and Halstead) who represent minority holdings. We will continue to engage and value input from those outside the 51% majority.
– Will 49% be getting offered money for their shares?
Priority right now is a focus on investing primary capital directly into the club. Future secondary investment is not ruled out
– Difference between private and public company – will there still be an AGM? Will the fan advisory board continue?
Simple answer – yes to both. There will be an annual meeting of some kind.
– Any plans to expand stadium and increase matchday income?
First priority is on the pitch, this is an urgent requirement. But there will be decisions made on around the stadium footprint and size, already discussions on expanding hospitality.
– Outcome from the football review?
That was driven by CEO and under last board, and main outcome was restructure of the football operation and appointment of a sporting director. No intention of giving a running commentary on all changes that may be needed.
PM spoke again about the importance of mentality and lack of ego. He gave the example of the NFL where all clubs have the same salary cap, so advantage is gained by having the right people making smart decisions.
– Are you aware there will be no honeymoon period?
AC said that no big sports organisation has the luxury of a honeymoon period and they are well aware of the expectations on them.
– How important is the academy, which has been less than successful?
Seen as a crucial part of future success. Owners will not look back and criticise the past, but focus on the future. PM spoke of successful academy players being the equivalent of “wholesale bargains” instead of “retail prices” of transfers.
– How will you get a return on your investment?
The plan right now is all about growth, we have never even discussed an exit plan. We are custodians, we have a long term / 10 year vision of self-sustaining success. Thinking about an exit plan is for the future.
– Relationship with SFA and the fine over John Brown?
PS spoke about the “forceful statements” issued on this and committed the club will stand it’s ground when needed if we feel being treated unfairly. He did say that we need to be able to work with other clubs and with the authorities if we want to have influence and to affect change, reminding shareholders the club now has representation on every significant committee.
Does the improvement plan include the medical department?
PM stated that the best skill of an athlete is availability, and Rangers need to provide the best possible support structure to make our players available more often. This will include medical, sports science, performance analytics, psychology, nutrition. He emphasised the importance of mentality, which underpins ability. He stated that investing in improving availability is a better use of money than any individual player wages.
Questions not answered (For obvious reasons)
– Summer transfer budget
– Identifying signing targets
Formal business
Resolution 1 Resolution 2 Resolution 3 Resolution 4
1/2 – allot shares and grant right of securities to shares allot equity securities up to £1m
3 – re-register Rangers International Football Club as a private company
4 – replace old articles of association with new ones
All were passed with >98% support.
Closing remarks
AC – we will not denigrate the previous regime, they dipped into their pockets regularly and always put the club first. We owe them a debt of gratitude. This is the culmination of 9 months, but today is the starting line, not the finish. We will earn the right to compete at as high a level as we can, and the new owners see themselves as the catalyst that will spark success.
Looking forward to the future.
EGM ends.
Note: there was a short Russell Martin interview shown on video.
– Expect a few new faces soon
– Looking forward to working the players and getting them prepared physically and mentally
– Enjoying the pressure and expectation, players need to embrace it
– Champions League qualifier readiness is the priority
– Success is a team that the support is proud of and on the pitch
Media Press Conference Ibrox Stadium
Cavanagh Speaks –
Increasing turnover will be reinvested on the pitch as part of sustaining success. We have multiple levers we can use in increasing turnover.
Phone call in October was received when in Manhattan and about to go to a NY Yankees baseball game. Has a long history of football spectating – attended 5 world cups, 5 euros, and been to 14 different “new” stadia in last year.
First experiences in the stands incredible – especially enjoyed the win at Parkhead and the noise our 2.5k fans made. (Also learned some new words and gestures!)
Loves the history inside the stadium – trophy room, blue room, marble staircase, etc. Feels like we owe a debt to the past and have an obligation to have a successful future.
Hates losing, ultra-competitive, shares that with Marathe.
Sees the short term as a great opportunity, no fear of what is ahead. Enjoys the great rivalry in Glasgow and sees it as one of the iconic rivalries in the world.
Understands pressure and expectation – gave example of being a goalkeeper in his college days. My mistakes were magnified but my successes were unique to me.
Players are temporary, we will invariably move some on for profit when the time is right. But there is no financial pressure on us to take the wrong offer for the club.
Champions League aim every year – and the increased revenue would be reinvested in the team and the infrastructure.
Has met Dave King, John Bennett and Douglas Park and got good advice from them, and many other important club figures.
Confirmed that there will be an annual meeting with shareholders, but it will not necessarily be the same as the current AGM. Accounts will be published as per legal requirements.
20m is the right amount for this summer as initial investment, but we are careful not to say what it will be used for and not to say if there is more available straight away.
We need to be mindful of Financial Rules as well as avoiding the “sugar rush” of short term over spending then dealing with the consequences.
END
Four Lads Had A Dream 