The San Francisco 49ers apparent takeover of Rangers has been the source of some great comedy for Celtic fans.
Rangers fans seem to think that ‘when’ the San Francisco 49ers come into power, the Ibrox club will instantly become the richest club in Scotland.
They also believe that Rangers will be given millions to challenge Celtic in the transfer market. This has been debunked on a number of occassions even to the point where Mark Guidi has rubbished the transfer kitty claim.
The Scottish media will have us believe that the people behind the supposed takeover are of a billionaire status that will pump money into Rangers in the hope that they can end Celtic’s dominance of Scotland.
But according to one of Phil Mac Giolla Bhain’s sources in the US, nothing could be further from the truth.
Andrew Cavanagh’s wealth ‘isn’t the stuff of billionaires’, Celtic fans won’t be surprised
Andrew Cavanagh, one of the names behind the 49ers consortium, has been touted as a mega-rich benefactor who is behind the Rangers takeover.
However, Phil has shared exactly where his wealth lies in terms of billionaire status and Celtic fans won’t be surprised at what he has uncovered.
In his latest blog, Phil revealed his contact said, “The house [Cavanagh’s] 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.
“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 five private equity/investment rounds- so he will be heavily diluted by now.”
Aw come on! So ‘wealth off the radar’ is not coming to Rangers again?? That’s too bad.
Whilst Celtic look to win another treble this season, the watch Rangers fans thought they had won and the numbers behind it seems to be unravelling at an alarming pace.
