Rangers takeover: Major development in 49ers deal as ‘agreement in principle’ reached

It emerged last month that the 49ers group, spearheaded by Leeds United chairman Marathe and their Enterprises president, alongside executive chairman of ParetoHealth Cavangh, had begun talks with Rangers bosses over a proposed purchase of 51 per cent of the shareholding. It is now being claimed by Sky Sports that a period of due diligence is taking place as legal paperwork is drawn up.

Any deal would also need to be ratified by the Scottish Football Association due to Marathe having a majority stake in Leeds, in the same way that Bill Foley’s Black Knight investment in Hibs required the SFA green light last year due to dual interest.

There is increasing optimism, however, that the US-backed group can get the deal over the line in time for the start of next season. It is understood that Marathe and Cavenagh have held constructive discussions with the major Rangers shareholders, including Dave King (12.96 per cent), Douglas Park (11.54 per cent), George Taylor (10.22 per cent), Stuart Gibson (9.53 per cent), Julian Wolhardt (9.53 per cent), John Halsted (9.53 per cent) and John Bennett (7.11 per cent).

Should the consortium finalise terms with the current shareholders and take 51 per cent, they will take control of the Ibrox board room and signal a new era at Rangers. The club has fallen behind Old Firm rivals Celtic on and off the pitch significantly since their last Scottish Premiership title since 2021 and last year posted a loss of £17.2 million in their latest accounts.

Rangers are also looking for a new manager after sacking Philippe Clement last month, with club legend Barry Ferguson in interim charge of first-team affairs until the end of the current campaign. The club remains in the Europa League and faces Fenerbahce in the last 16 later this week.

The 49ers Enterprises, borne out of the American Football team in San Francisco, took over current English Championship leaders Leeds United in 2023. Marathe is a hugely experienced sports businessman and recently attended Rangers’ Europa League tie with Manchester United. Cavenagh, meanwhile, was part of a team that set up ParetoHealth in the US and he is due to step down from his role at the health insurance company.

Neither Marathe or Cavenagh have directly addressed investment in Rangers, although speaking last month on whether the 49ers would look to expand their portfolio, Marathe said: "I can't really comment on whatever rumours might be out there. But like I said, we are always looking at other opportunities.

"What we are looking for is clubs with the right bones, clubs with the right history of success. Clubs with the right potential for growth and if you're a sportsperson and you love it and you treat it as a way of life, so to speak, like I do, then absolutely there's enough room in your heart.

"Just like there is to love all of your children, there's enough room in your heart to love all your sports properties."

The 49ers proposed bid for Rangers swells interest from America in Scottish football. As well as Black Knight’s tie-up with Hibs, who were purchased by American family the Gordons in 2019, Dundee [Tim Keyes], Dundee United [Mark Ogren] and St Johnstone [Adam Webb] are all owned by US businessmen, while Aberdeen chief David Cormack - originally from Scotland - is now based in Atlanta, Georgia.

The news of potential investment at Rangers has raised spirits of a new dawn at Ibrox, with the club trailing Celtic by 16 points in the league. They were knocked out of the Scottish Cup in embarrassing fashion by Queen’s Park at home last month and have lost their past two Premiership matches at Ibrox to St Mirren and Motherwell.

The 49ers and Cavenagh will hope to be in a position of power to accelerate the appointment of a sporting director as well as a manager before the 2025/26 season kicks off in July. Should Rangers, as anticipated, hold on to second spot, then they will face Champions League qualifiers in the summer before the league campaign begins at the start of August.