Rangers takeover: £40m reveal as US businessman confirms approach
Rangers would require a £40million sum to become a major shareholder at Ibrox, according to American businessman Scott Galloway.
Galloway, who has Scottish family, withdrew a previous approach to purchase shares in Rangers as he was advised he would be seen as an “American idiot” and “the most hated in the UK”.
Speaking to the Daily Record (28 January), the now-part-owner of Colombian club La Equidad has opened up on why becoming a significant shareholder at Ibrox would be “out of [his] weight class”.
“I’d enquired about investing in Rangers in Glasgow. But quite frankly, I’m just not in that weight class,” Galloway conceded.
“Rangers, you would need to come up with an eight-figure sum of money. You need to come up with £8million to £40million to be a really legitimate part of their owner group.
“I got together the wealthiest, most famous Scottish people in the US, about 14 of us, and said ‘let’s go buy Rangers FC’ – because it’s a publicly traded company. I had it all figured out, a £10million convertible note. Then a friend of mine who is a famous Scottish historian said ‘you’d be the most hated person in the UK’. He goes ‘you know nothing about football, you’d be some American idiot over there’ and I was like ‘yeah you’re right’.”
Rangers board remains a very lucrative table
Rangers’ hierarchy is a lucrative table at which to sit – but also takes one heck of an investment, one which Galloway humbly realised was too much of a financial gamble and one which could sour with the Gers support very quickly.
As pointed out in the Daily Record’s report, Rangers’ shareholding is very spread-out with former chairmen Dave King and Douglas Park owning 14 per cent and 12 per cent of the club respectively.
The Light Blues have opportunities available to bidders who put their money where their mouth is, but to invest in one of Scottish football’s two giants is even too much for a 14-strong consortium, it appears.
There are shares up for sale at Ibrox – King in particular has held talks over handing his own shares over to Club 1872, who themselves currently own just under five per cent.
But other shareholders are sternly reluctant to sell and see the potential of Rangers as an institution capable of rising well beyond its current status, which is why Kyle Fox was unsuccessful in her approach to become a major shareholder in 2023.
It’s harder than it seems to get involved with Rangers, but refreshing all the same that certain potential investors recognise when it might currently be beyond their capabilities.
In other Rangers news, Sky Sports issues an update on Ianis’ Hagi’s contract situation.
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