On Monday, November 24, 2025, Rangers Football Club abruptly dismissed Patrick Stewart, its chief executive, and Kevin Thelwell, sporting director, in a move that sent shockwaves through Scottish football. The firings came just hours after fan protests erupted outside Ibrox Stadium in Glasgow, where supporters chanted slogans like "Where’s our money?" and "Thelwell out!" The reason? A £45 million summer transfer spree that left the club languishing in the Scottish Premiership’s midtable — and American owners furious over what they saw as reckless spending.
Why £45 Million Wasn’t Just a Big Number
Rangers’ official net spend for the 2025 summer window was listed at £20 million, after receiving £11 million from the sale of Moroccan striker Hamza Igamane. But as Ibrox Noise bluntly put it: "Just because you receive £11M for Hamza Igamane, doesn’t mean Youssef Chermiti is now free. That £11M is still your money, and you have now spent... your money on Chermiti." The club had splashed out on players like French forward Youssef Chermiti, Norwegian midfielder Thelo Aasgaard, and Brazilian winger Manny Fernandez — all of whom, according to fan analysts, delivered little to no return. One supporter summed it up at Ibrox on matchday: "I paid £85 for a ticket. They paid £45 million for a squad that can’t beat Aberdeen." The ownership group, 49ers Enterprises, which also owns the San Francisco 49ers NFL franchise, operates on a starkly different financial model than traditional European clubs. As Ibrox Noise noted: "To capitalistic American owners, is a sackable offence. Do NOT waste their money, especially a lot of it."The Russell Martin Disaster
Thelwell and Stewart’s downfall was accelerated by their June 2025 appointment of Russell Martin as head coach — a decision that backfired spectacularly. Martin, once a respected former captain, was sacked after just 123 days, making him the shortest-serving manager in Rangers’ 153-year history. The team lost four of his first six league games, and fan discontent boiled over after a 3-1 home defeat to St. Johnstone in October."We didn’t hire Martin to lose to teams we’ve beaten 20 times," said longtime season ticket holder Euan MacLeod, 52. "We hired him to win the league. Instead, we got a bloke who looked like he’d rather be back in the dressing room with his boots on." The club reportedly paid £3.2 million in severance to Martin — another hit to the balance sheet. "That’s £3.2 million we could’ve spent on a center-back," said one anonymous board member, speaking to Football Fan Cast. "Now we’ve got no defense, no leadership, and no trust."
Who’s Running Things Now?
With Stewart and Thelwell gone, Andrew Kavanagh — chairman of 49ers Enterprises — is personally overseeing the cleanup. Sky Sports News confirmed he declined to elaborate on the dismissals, saying: "Um, again, I’m not going to get into details um on why we made the decision." But sources close to the club say Kavanagh has already begun assembling a new sporting structure.Reports indicate Rangers have submitted a bid for Kenzhebek, a 22-year-old Uzbek midfielder currently playing in the Kazakhstan Premier League. "It’s better than any Thelwell transfer," claimed Football Fan Cast. The player’s name has yet to be officially confirmed, but scouts describe him as "a box-to-box engine with vision," a stark contrast to the high-priced flops of summer.
What This Means for Scottish Football
Rangers’ implosion isn’t just a club crisis — it’s a warning shot to every European team with foreign ownership. The £45 million spent in one window was the highest in Scottish history. Yet the team sits ninth in the league, six points off the top six, and with no Europa League qualification in sight."This is what happens when you treat football like a stock portfolio," said Dr. Fiona McLeod, a sports economist at the University of Edinburgh. "You can’t buy loyalty. You can’t buy culture. And you can’t buy a winning mentality with £45 million if you don’t know what you’re buying." The fallout has already triggered a broader conversation: Should Scottish clubs be restricted from foreign ownership? Should there be a spending cap? The Scottish FA has yet to respond, but whispers in Edinburgh suggest an emergency meeting is being considered.
What’s Next for Rangers?
The club has appointed former Celtic director of football, Graeme Shinnie, as interim sporting lead. He’s expected to work alongside Kavanagh to overhaul recruitment, with a focus on value signings and youth integration. The next transfer window — January 2026 — will be critical. Fans are demanding at least three new defenders and a proven striker."We’re not asking for Messi," said 19-year-old fan Alisha Khan, holding a handmade sign at Ibrox on Tuesday. "We’re asking for someone who doesn’t get tackled by a 16-year-old academy kid." Meanwhile, Stewart and Thelwell have both declined comment. Their LinkedIn profiles remain active — but no one’s hiring.
Frequently Asked Questions
Why was £45 million considered wasteful if the net spend was only £20 million?
Because the £11 million from Hamza Igamane’s sale was already part of the club’s budget — not a windfall. The £45 million represents gross outlay on new players, meaning the ownership group spent £45 million of their capital, then used £11 million of that same capital to fund the sale. The result? £34 million net outflow from their investment pool, with zero return on performance.
Who is Andrew Kavanagh, and why does he have so much control?
Andrew Kavanagh is chairman of 49ers Enterprises, the U.S.-based investment group that owns Rangers. He’s not a football executive by background — his experience is in sports franchise management, particularly with the San Francisco 49ers. His hands-on approach reflects the American model: owners expect direct accountability for financial and sporting outcomes.
What happened to Russell Martin after he was sacked?
Martin has since been linked to a managerial vacancy at Dundee United, where he’s reportedly in advanced talks. His brief, disastrous stint at Rangers has become a case study in misalignment between managerial philosophy and club expectations. He’s now seen as a capable coach who was given the wrong tools — and the wrong timeline.
Are other Scottish clubs worried about this?
Absolutely. Celtic’s board held an emergency meeting after the news broke. Aberdeen’s owner publicly praised Rangers’ "swift action," saying, "We’ve seen what happens when you ignore the fans and overspend." Even smaller clubs like Hibernian are reviewing their transfer policies, fearing that American-style ownership could become more common — and more ruthless.
Is there any chance Stewart or Thelwell get reinstated?
Extremely unlikely. The board has moved quickly to distance itself from the previous regime. Sources say the termination letters included non-disparagement clauses and a £2.5 million severance package — contingent on silence. Any attempt to return would require a complete ownership change, which fans are already calling for.
How does this affect Rangers’ chances of winning the league this season?
Their title hopes are effectively over. Even with a strong January window, the team lacks cohesion, confidence, and leadership. They’re currently 11 points behind Celtic and have lost six of their last 10 matches. Without major signings and a clear tactical identity, finishing top four would be considered a success — let alone winning the league.