Dave King closes in on Rangers sale agreement as takeover enters overdrive
Rangers are moving closer to a takeover deal backed by the 49ers Enterprises after a development involving Dave King.
King remains one of several shareholders at Ibrox who would have to reciprocate the arrangement from the business branch of NFL giants San Francisco 49ers – led by Paraag Marathe – for any deal to go through.
It was revealed on Wednesday that talks are at an advanced stage for a takeover deal for Rangers, who have been involved in discussions since before the turn of the year.
Rangers move closer after King arrangement
According to the Scottish Express (20 February), South African-based Glaswegian businessman King is close to a sale agreement.
Other shareholders own a marginally smaller amount of the Gers, including another former chairman in Douglas Park, as well as George Taylor, Stuart Gibson and John Bennett, who would not return to Ibrox.
Julian Wolhardt and John Halsted each own a minor share through their respective investment firms, with it expected that two more shareholders would need to sell to enable a controlling stake from Marathe’s business arm of around 30 per cent.
Should 49ers Enterprises be the partner to acquire control, it cannot run into a shareholding of beyond 50 per cent, due to their majority ownership of Leeds United in the English Championship – a 30 per cent ownership would trigger an automatic bid for full control, which complicates matters.
No official comments or statements have been made from any parties so far, as fans eagerly await developments on a move which could make their club hugely competitive again in good time.
Gers fans want to compete again
With 49ers Enterprises bankrolling Leeds, the EFL side top of the Championship and looking destined for the Premier League, which when they inevitably reach can move onto bigger and better stones.
Rangers fans want a piece of the action, even if the 49ers’ contribution would be to a lesser extent through a smaller ownership percentage.
For too long now, Light Blues fans have watched on as their club tries and fails to win domestic trophies, make any kind of established progress or sign high-profile players.
The chaos across the board has also caused huge problems, and supporters have voted with their feet on more than one occasion.
Finance expert Kieran Maguire believes that while the financial issues at Rangers will not evaporate overnight, the “inter-shareholder fighting” will subside.