DAVE KING is ready to sell his stake in Rangers — and pave the way for the San Francisco 49ers’ billionaire owners to take control at Ibrox.
SunSport understands Gers’ current largest shareholder is close to agreeing a deal with the NFL giants’ investment chief Paraag Marathe and his consortium after months of talks.
Dave King is prepared to part ways with his stake in the club[/caption]
Other shareholders will also make way for Paraag Marathe to take over[/caption]
Other major shareholders will follow suit, and the shock takeover could be sealed before the end of this season.
Through his New Oasis Asset Company, former chairman King owns 12.96 per cent of the Light Blues.
Following detailed discussions going as far back as last October, he’s now ready to sell those shares with a “broad agreement” between all parties in place.
King, who spoke last year about “investor fatigue” and the urgent need for fresh investment, now holds the key to a deal.
Marathe, part of a US- based consortium hoping to take full control at Gers, is also Leeds United chairman, and is the force behind 49ers Enterprises, the investment wing of the franchise.
He is keen to extend their sporting portfolio and has played a leading role in the talks, with another unnamed investor every bit as influential.
The prospective owners would acquire over 50 per cent of shares, while taking on the club’s debt.
King had hoped to sell his shares to Club 1872, but that deal fell through when the supporters’ group failed to raise enough cash.
The board rejected his offer to return as chairman last year, but it’s understood they are united in their bid to find new investment from serious people.
In Marathe and Co they believe they have done that, with shareholders impressed by his plans. He would provide a clear strategy to revive Gers and also has a background in stadium redevelopment.
In addition, the group would use a data-led scouting approach in a bid to transform the club’s player-trading model.
They believe they can provide the finance and expertise to ensure Gers can once again challenge Celtic for domestic dominance.
Given Marathe’s Leeds involvement, the SFA would need to approve the purchase due to multi-club ownership rules.
SunSport understands Hampden chiefs are aware of the takeover talks.
A dual-ownership exemption hearing would take place down the line, with the potential Ibrox owners outlining their business plan and agreeing to certain undertakings.
Proposals are treated on a case-by-case basis, but the SFA are expected to give the green light, provided there are no glaring conflicts.
Bournemouth owner Bill Foley was recently allowed to take up a 29.9 per cent shareholding in Hibs.
Brighton also invested in Hearts, with Hampden chiefs open to allowing multi-club partnerships where suitable.
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