49ers to seal ownership deal with Rangers with the Due diligence now set to begin on offer to take 51% stake in club.
49ers owners set to complete Rangers takeover deal.
The announcement comes after months of speculation about a possible investment and at a vulnerable moment for the team, as Rangers trail Celtic by 16 points at the top of the Scottish Premiership yet are set to play Fenerbahce in a Europa League last-16 match.
According to a report by Sky Sports, 49ers Enterprises, the NFL franchise owners’ investment arm, has reached an agreement in principle to purchase at least 51% of the club’s shares. Due diligence on the offer is now underway. In any deal, Rangers’ biggest shareholder, Dave King, would be expected to sell his part, but several other investors are also considering doing the same.
With its president, Paraag Marathe, holding the position of chair at Elland Road, 49ers Enterprises also owns Leeds United. According to reports, Marathe is assisting ParetoHealth’s executive chair, Andrew Cavenagh, in financing the transaction.
Marathe said 49ers Enterprises was considering other investments during his remarks at the Financial Times Business of Football Summit last week, but he made no mention of a Rangers takeover.
“I can’t really comment on whatever rumours might be out there,” Marathe said. “But we are looking at other opportunities. It is doable to replicate the passion [of Leeds United]. What we are looking for is clubs with the right bones, history of success and potential for growth.”
Concerns have been raised over the possibility of Rangers becoming a feeder club for Leeds if the deal went through. Parathe said such an arrangement would not be considered by his group.
“Leeds United stands alone, if we were to look at another club that would stand alone,” he insisted. “What you can share and do on the sporting side, we haven’t looked at one club as a feeder club. Just like there is to love all of your children, there’s enough room in your heart to love all your sports properties.”