Latham guides 49ers-backed Rangers FC takeover

Latham & Watkins has advised a consortium led by the investment arm of the San Francisco 49ers and insurance executive Andrew Cavenagh on its acquisition of a controlling stake in Rangers Football Club, one of the most storied names in European football.

The deal includes a commitment to inject £20 million into the Scottish Premiership club. Cavenagh will become chair of Rangers, with 49ers executive Paraag Marathe, who also chairs Leeds United after the fund's full takeover of English club Leeds United in 2023, taking the role of vice chair.

The takeover needed sign-off from the Scottish FA to meet rules on multi-club ownership, given the 49ers’ existing stake in Leeds United, and marks another high-profile move by US investors into European football and a potential turning point for Rangers, who last won the league in 2021 and are currently searching for a new head coach.

Advising

Latham & Watkins advised the investor consortium. The team was led by London corporate partners Doug Abernethy and Ed Barnett alongside sports partner Patrick Mitchell, with additional support from San Diego partner Robert Frances.

Associates Ryan Martin and Faith Edmunds (corporate), Talal Abul and Claire Wallace (sports), and partner Christian McDermott (IP, data, and contracts) also advised, alongside specialists in tax, employment and IP.

The deal adds to Latham’s growing roster of mandates in top level sport. Last year, the firm advised a Kuwait-based consortium on the acquisition of MK Dons football club. In October, in the US, it advised Endeavor on the sale of several sports and entertainment assets in a $3.25 billion deal.

Kurtz and Partners advised Andrew Cavenagh on US matters and the joint venture with 49ers Enterprises.