GLASGOW, Scotland — Scottish soccer club Rangers confirmed on Friday a U.S.-based consortium that includes an investment arm of the San Francisco 49ers has purchased a majority ownership stake. Rangers said health insurance entrepreneur Andrew Cavenagh and 49ers Enterprises led the consortium of investors that was reported to have bought a 51% stake. The purchase price was not disclosed. The club said the group has committed to invest 20 million pounds ($27 million) right away, subject to shareholder approval in June. In July 2023, 49ers Enterprises completed the takeover of Leeds, which will play in the Premier League next season after winning the second-tier title. Paraag Marathe, who will be the board’s vice chairman, is the president of 49ers Enterprises — a sports investment entity also led by 49ers chief executive Jed York. Marathe is also chairman of Leeds. ““At 49ers Enterprises, we have built a track record of sporting and business success, but our driving motivation is our deep connection to the clubs and communities we serve,” Marathe said in a statement announcing the deal. “We are excited to join Andrew and our other consortium of investors in a new era for this iconic club, and we are determined to build something that supporters can be proud of for years to come.” In Glasgow, takeover talks had been ongoing for months as Rangers finished a distant second to fierce rival Celtic in the Scottish Premiership this season. Celtic has won the league title for four straight years. Cavenagh, co-founder of Philadelphia-based Pareto Health, will serve as Rangers board chairman. “This club’s history and traditions speak for themselves, but history doesn’t win matches,” he said in Friday’s announcement. “Our focus is simple: elevate performance, deliver results, and bring Rangers back to where it belongs — at the top.” The group issued an open letter to Rangers supporters to detail their plans for the club. The message read, in part, “Simply put – our goal is to win trophies in Scotland and be able to compete at a high level in Europe, while laying a foundation of financial sustainability for the future. “As our first step, we are investing fresh capital into Rangers, which will be strategically deployed on and off the pitch. While we recognise the importance of resources, we believe that thoughtful, disciplined investment, guided by a clear strategy, is the path to enduring success. Every decision, whether sporting or business, will be made with the club’s long-term success and sustainability in mind.” AP soccer: https://apnews.com/hub/soccer