Rangers takeover shock: Saudi talks emerge as Ibrox insider reveals ‘real deal’
Rangers have also been the subject of takeover interest from Saudi Arabia ahead of the summer.
The Light Blues are on the cusp of a takeover by a US consortium led by healthcare tycoon Andrew Cavenagh and 49ers supremo Paraag Marathe.
Cavenagh and Marathe have found a route to acquire a 51 per cent stake in Rangers, but the deal may not be finalised before the middle of June, leaving the door open for late twists.
Nevertheless, with Rangers having nothing else to play for this season in their remaining three games, all eyes are on the impending takeover.
Dave King lifts lid on Saudi interest in Rangers
It has now emerged that Rangers have also attracted interest from mega-rich Saudi Arabia amid a desire for external investment.
Lifting the lid on the 49ers’ takeover attempt, Dave King admitted that he was in talks with the Saudis before the US consortium came into the mix.
The former Gers chairman has been working on finding new investors after being disappointed with the club’s state after winning the Premiership under Steven Gerrard in the 2020-21 season.
| Rangers shareholders | Shares (rounded) |
| Dave King | 13% |
| Douglas Park | 12% |
| George Taylor | 10% |
| Stuart Gibson | 9.5% |
| John Bennett | 7% |
| Julian Wolhardt | 6.7% |
| John Halstead | 6% |
With King on the lookout for a party with ‘deeper pockets’, he held discussions with Saudi investors before Cavenagh emerged as the ‘real deal’.
“The fact that Rangers had fallen so far behind following 55, I just felt the gap was too big to bridge looking at local investment from the directors”, King said on talkSPORT, as quoted by The Herald (7 May).
“I started a project at that time to see if I could try and find someone who I could bring in who was substantial, who could take the club forward and not only had a football plan, but with a financial plan behind it as well.
“Someone with deeper pockets, someone with sustainability in terms of funding. I was talking to the Saudis at that time, then I got a call round about October from Paul Murray.
“He said: ‘Look Dave, I’m aware you’re trying to find investors, I’ve got these guys and I think they’re the real deal.'”
Ibrox on cusp of takeover
It is only a matter of time before there is a handover of power at Rangers, with the US consortium now putting the finishing touches to their takeover deal.
Cavenagh and Marathe are busy buying out enough shares to acquire a 51 per cent stake at Ibrox, with King among those have agreed to sell up.
While there was hope that the deal could be finalised by the end of May, it appears it may drag on till the middle of June.
Nevertheless, the takeover is a genuine cause of excitement in Govan.