Andrew Cavenagh has insisted that San Francisco 49ers chief Paraag Marathe remains fully committed to Rangers despite stepping down from the Ibrox board.
Marathe, a long-serving NFL executive, was named vice-chairman when the new American regime took over the club last May.
However, Marathe, who also serves as Leeds United chairman, was forced to resign nine months later alongside director Gene Schneur.
The dual resignation was necessary to protect Rangers from UEFA’s strict multi-club ownership rules, which govern clubs with shared ownership structures.
Chairman Cavenagh moved quickly to reassure supporters, saying: “Paraag and the 49ers’ commitment is unchanged.”
Cavenagh added: “He and Jean had to go off the board to be compliant with rules but it hasn’t changed our ability as a club.”
The Rangers chairman also said: “They’re important to the club. I speak to Paraag every day, we’re very close and this hasn’t changed their commitment or involvement one bit.”
It was announced in March that Cavenagh and his investment partners were preparing to inject a fresh £16 million through a share issue to support this summer’s transfer activity.
However, Cavenagh outlined a longer-term vision in which Rangers would use European prize money to fund recruitment spending rather than relying on repeated cash infusions.
He said: “That means the club needs to be in a position where it doesn’t constantly need cash infusions. If it does then it’s not sustainable.”
Cavenagh described his financial thinking in two distinct parts, separating the day-to-day income statement from the club’s balance sheet operations.
He explained: “There’s the income statement business which is ticket sales and shirts. That covers the cost of the staff, the players’ wages.”
The second element, he said, involves investing in players and generating returns through sales, with those profits reinvested back into the squad over time.
Cavenagh said: “When I looked backwards at this club, the balance sheet business was always being asked to support the income statement business.”
His ambition is for the income statement business to reach break-even, meaning fresh investment would flow directly into strengthening the squad rather than covering operational costs.
He said: “I would like to see the income statement business become break-even, so that dollars going into the club are always going into the squad as opposed to more copiers or mowers or whatever.”
European income, historically used to prop up running costs, would instead be redirected toward increasing the value of the squad under his proposed model.
Cavenagh also confirmed plans for a shareholders meeting timed around the first home game he and Marathe attend together next season, promising greater financial transparency for supporters.
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