Well, that’s that then.
Sevco’s season is over.
Therefore, it’s the best time of the year for those who follow follow the Ibrox franchise, as there are no competitive games.
It is also an open goal for the hope dealers on Edmiston Drive within the local media.
As always, at this point in the calendar, the Close Season Cup is proudly held aloft at the stadium John Brown played for.
However, this year there is another prize in the offing:
The Takeover Trophy.
While it is clear that Messrs Cavenagh and Marathe want the deal to go through, the due diligence phase will take as long as necessary.
Of course, if there were a functioning Fourth Estate on Planet Fitba, they would be busy drilling down into the details.
I asked Rugger Guy about these two men, and he put me in touch with a Stateside colleague.
This American fellow rather rapidly sent me details on Mr Cavenagh, including precise details on his domicile, which I will not publish here.
“The house has a current valuation of about $2.4m. It’s in Chestnut Hill Philadelphia- a very nice area on the outer fringe of Philly- but a $2.4m home isn’t the stuff of billionaires.”
Apropos his own business, he continued:
“Pareto Health has about 280 employees. Revenues of about $140m/year- but is growing quite quickly.
“That implies they probably make about $4-8m per year.
“I would guess his earnings have been $1-2m per year for the past 4-5 years? He’s comfortably off by American standards, but nowhere remotely close to billionaire rich. He is the Chairman of the company- after being CEO for a number of years. The current CEO has a salary of $843,697 per year. He will have stock options and bonuses on top.
This is not a public company. Until they have an IPO, Andrew Cavenagh’s own shares will not be liquid or worth that much. The whole firm might be worth $150-200m. Don’t know Cavenagh’s shareholding now but they have had 5 private equity/investment rounds- so he will be heavily diluted by now.”
As for his partner, Mr Marathe, he has a comfortable abode in Los Altos, California.
My guy over the Pond informed me that it is a four-bedroom property of 3687 sq. ft.
He told me that it sold for $5,200,000 on Mar 12, 2015 and estimated that the property’s current market value is $8 m, which, he told me, is quite typical for that corner of Silicon Valley.
The bottom line is that these two men are very financially comfortable and doing well.
However, they are not billionaires with “wealth off the radar”.
Rugger Guy reminded me that their aim to get to 51% of the Ibrox entity indicated to him that this dynamic duo are not in a position to buy the business completely.
Moreover, he said that the remaining 49% (49ers?) could create trouble for the new regime.
In contrast, look at how swiftly the Bunnet was able to move when it became clear that the bank was ready to foreclose on the old board at Celtic and buy them out completely.
With all of that in mind, I’m sticking with my characterisation of them as “American Ashleys”.
They want to take out more than they invest.
Obviously, the Ibrox klanbase, with their sugar daddy issues, is wilfully blind to that fact, and the Stenography Corps is happy to maintain that restricted view.
Meanwhile, the club formed by immigrants in a hostile environment is, by any metric, now the biggest and most successful one in Scotland.
History forgotten is a betrayal.
This year’s National Famine Commemoration took place on Saturday in Kilmallock, Co. Limerick, and the Celtic players wore this on their shirts the very same day.
It’s the first time the State commemoration has occurred in County Limerick.
Kilmallock itself is a lovely spot that produces fine hurlers.
Yesterday, it was senior hurling in Munster. The Treaty was mighty, with blood and bandages for their opponents.
The genocidal crime of An Gorta Mór created the community that gave birth to the Parkhead club.
It is worth remembering that this shameful event in Britain’s long list of crimes against humanity is considered to be humorous among the Ibrox klanbase.
Consequently, any sporting humiliation that comes their way is the least they deserve.
Summed up beautifully, by those last 2 paragraphs!
Fergus was and never claimed to be Billionaire , what he brought was hard nose business acumen mixed with an incredible sense of vision , we also were or quickly become aware of the financial realities of a football club and stepped up whenever asked … it’s not that these guys don’t have money that will be the issue it’s a lack of understanding of what they are getting into , should this takeover go ahead that will be their undoing .
Hi Phil. The American ownership at Milan is an interesting tale to follow. Chelsea is a midget podge of egos who might scrape a CL spot .
More importantly is our clubs summer progress. Whether we are seeded or not we are in for a tricky game. We need to be on front foot and starts at the final whistle of the cup final
What a fantastic post. Thank you
Phil. Big problem now though is they will start this season with Two trophies in their cabinet! How can you compete with that? Oh I suppose another treble will have to do.
I wonder how long it will take for them to go from off the radar sugar daddies to fenian basturts ?
That’s interesting confirmation of the ‘consortium’ background?
Maybe they’re just enjoying the publicity and free hospitality at ibrox – as they wouldn’t be entertained stateside?
And, it’s an incredibly slow ‘takeover’ for a simple, local, loss-making business.
Whilst I didn’t think they would get anywhere at ibrox,
now that we know their scale of wealth, I do hope that their ‘takeover’ succeeds. 🙂
Then Jackson will have to – yet again – row backwards on his initial, ridiculous claims as
he did for Craig Whyte [eventually].
Americans running ibrox would also throw up many unintended, hilarious incidents,
as they try to understand the culture of the ibrox business!
Phil – by comparison, how does the financial of Cavenagh and Marathe stack up against that of Bill Miller, who the klan ran out of town about 10 years ago? Does Miller’s wealth indicate that sevco have shot themselves in the foot somewhat on that hostile rejection?
I chuckled when I saw Carlo Ancelloti and his Son Davide pictured in The National holding the Champions League trophy with the headline ‘Ancelloti fits mould for more modern Rangers setup “. It was an article speculating whether Ancelloti will become the new secco manager. The tender lamb being prepared for next season and dreams of a European trophy? The article on the next page, ‘Ferguson expects clarity about the Rangers position…’ my sides are still sore from laughing!
Hey Phil, a couple pertinent points:
First, the reporting on these guys’ wealth is very good and important. But I do think in the case of the 49ers specifically you have to look at the actual owners of 49ers Enterprises (the York family). Marathe is just the operational head of that part of their business, but at the end of the day, he’s just an employee. This would be analogous of looking at Celtic and focusing on Nicholson’s wealth rather than Desmond.
Second, I suspect a big part of the holdup on announcing this deal is the EFL regulations. The EFL (unlike the Championship) has a blanket ban on owners taking an ‘interest’ in any other club in England, Wales, or Scotland. Leeds are getting promoted, but I don’t think the official membership changes from Championship to Premier League occurs until sometime in June. Matt Slater reported this particular issue in the Athletic back in February, and it’s been largely ignored ever since. Whatever other issues are delaying the completion of the takeover (funding, due diligence, SFA/SPFL regulations, etc), I doubt we’ll see an announcement until Leeds are formally back in the Premier League next month.
More power to your pen Phil !