Rangers have ‘accepted the basics of a transaction’ that will see a partnership led by 49ers Enterprises and US healthcare magnate Andrew Cavanagh take over the club.
Last week, it was revealed that the Rangers are on the verge of a US acquisition, with the investment wing of NFL heavyweights the San Francisco 49ers playing a crucial role in the negotiations.
The Rangers takeover was complicated by the fact that around seven big shareholders possess between 6% and 13% of the shares.
But, when Dave King revealed Rangers’ plans to sell, the Athletic reports that a deal has been reached.
Rangers agree to agreement on US takeover.
According to the Athletic, Rangers have been in talks with 49ers Enterprises CEO and Leeds United chairman Paraag for the past three months.
It is reported that 49ers Enterprises has been hunting for other football teams to add to their multi-club stable, with Leeds United serving as their flagship venture and the Elland Road club on the cusp of Premier League promotion.
49ers Enterprises was recently valued at about $6 billion (£4.75 billion) and has well-known sports and entertainment investors, making the 49ers the world’s 11th wealthiest multi-sport ownership group.
Andrew Cavanagh, a Philadelphia-based healthcare billionaire whose ParetoHealth company oversees a $8 billion (£6.33 billion) empire, is also a prominent role.
It is alleged that 51% of the Rangers’ shareholding has been identified, with long-time Ibrox board members willing to sell.
Dave King (13%) expressed a wish to sell his Rangers shares a long time ago, and John Bennett (7%) and Barry Scott (1.5%) joined him.
The remaining 30% will be made up by pre-existing Rangers shareholders Douglas Park (11.54%), George Taylor (10.22%), Stuart Gibson (9.53%), Julian Wolhardt (6.69%), and John Halsted (6%), who will sell significant portions of their shares.
George Letham, who owns approximately 5%, has also been identified as ‘influential’ in the discussions.
There will now be a period of ‘due diligence’ on the buyout before it is completed, with previous reports indicating that the deal might be completed as early as April.
Rangers Football Club sees a fresh start.
Rangers are ready to see a new dawn as Andrew Cavanagh and 49ers Enterprises work to overhaul the Ibrox club.
Rangers are a sleeping behemoth that has frequently stirred rather than awoke in recent seasons.
Rangers have a passionate fans and a unique, stirring environment at one of the world’s most renowned stadiums, laying the groundwork for success if they can get it right at every other level of the club.
Recent investment at Auchenhowie and Ibrox has begun to modernise the stadium, while New Edmiston House is a multi-purpose facility that the club recently developed.
With only one true opponent in Scottish football, if Rangers fans begin to draw closer to Celtic, that road to Champions League cash becomes more accessible.
Rangers are also free of the retail litigation that has stymied the club’s commercial and retail revenue growth for the first time in ten years.
With American investment widespread in Scottish football, not just British football, the US group with their sights set on Rangers faces a significant opportunity.
Could the sun finally rise this time for a support that has become accustomed to false dawns in recent seasons?
