Paraag Marathe, Leeds United’s chairman and president of 49ers Enterprises, was a leading figure alongside Andrew Cavenagh in the proposed Rangers takeover. A deal was reported as agreed in principle in March 2025, and Leeds United later said Marathe was a driving force in Rangers’ majority-share acquisition that year. His board role subsequently changed amid reported UEFA multi-club ownership discussions: he stepped down in February 2026, then was reportedly reappointed in August 2026, subject to continued compliance.
Who is Paraag Marathe, and how was he involved with Rangers?
Marathe connects the clubs through two roles: he is Leeds United’s chairman and president of 49ers Enterprises, the investment group involved in the Rangers deal. Andrew Cavenagh was his co-leader in the takeover effort reported in 2025. Leeds United’s official profile describes Marathe as a driving force in Rangers’ majority-share acquisition that year.
How the Rangers takeover developed
- February 2025: The BBC reported that Marathe was a key player in prospective takeover talks involving the 49ers’ investment arm. Sources close to negotiations expected completion between April and June. BBC coverage
- 14 March 2025: Sky Sports reported that Rangers had agreed a deal in principle with investors Cavenagh and Marathe. Talks had been under way since October 2024, with due diligence and legal drafting continuing. The group’s reported aim was to acquire at least 51% and take control of the Rangers board; that was a target at that stage, not confirmation of the final shareholding. Sky Sports report
- 2025: Leeds United’s profile later described a majority-share acquisition at Rangers. It does not give the final percentage, purchase price or completion date.
Did Paraag Marathe buy Rangers?
Available reporting supports saying Marathe was involved in the investor group and that Rangers underwent a majority-share acquisition in 2025. It does not establish that Marathe personally bought the club, nor does it disclose the final ownership split or transaction price. The March 2025 agreement-in-principle report described an intended minimum 51% acquisition, but that figure should not be treated as the final outcome.
Why did Marathe leave the Rangers board?
On 27 February 2026, the BBC reported that Rangers had confirmed Marathe was standing down as vice-chair after discussions with UEFA about multi-club ownership rules. Rangers said the change did not affect 49ers’ investment at Ibrox. The reporting establishes that the discussions were connected to his board role; it does not provide a specific UEFA ruling or establish that UEFA found a breach. BBC report on his departure
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What is Marathe’s latest reported Rangers role?
On 26–27 August 2026, Read Rangers reported that Marathe had been reappointed to the Rangers board, subject to the club continuing to comply with UEFA rules. The outlet attributed the confirmation to the Rangers Review. This is a secondary report, so the most accurate description is that he was reported to have returned, rather than treating the appointment as an unqualified official fact. Read Rangers report
Leeds United’s profile still describes Marathe as Rangers vice-chair, but it appears not to reflect the reported departure and return. For the sequence of events, the dated BBC and Read Rangers reports provide the clearer account.
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What has been said about the investment?
Football finance expert Kieran Maguire told BBC Radio Scotland, “He’s a smart businessman,” and said Marathe’s responsibility was to look after the interests of shareholders and investors in 49ers Enterprises. Maguire also described Rangers’ ownership situation as involving owners with different objectives. These are Maguire’s assessments, not statements by Marathe or independently established findings about the investors’ motives. BBC report
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