Rangers look set to become the latest British football club to get American owners – as revealed by City AM six months ago.
The Glasgow giants are reportedly in advanced talks with a consortium led by Paraag Marathe, the chairman of Leeds United and a vice-president of NFL team the San Francisco 49ers’ investment arm, 49ers Enterprises.
Rangers are in need of rejuvenation, having seen Old Firm rivals Celtic sweep up 12 of the last 13 Scottish Premiership titles and all but wrap up this season’s crown.
The Ibrox club are also severely financially constrained, owing £20m to current directors and making a £17m loss last year.
City AM revealed in September that American investors were circling Rangers and valued the historic club at around £150m.
Former chairmen Dave King and Douglas Park are the biggest shareholders at Rangers with 14 per cent and 12 per cent of the club respectively.
Eight other groups hold stakes of less than 10 per cent, including fans’ group Club 1872, which owns 4.96 per cent.
Rangers issued 18m of new shares, raising £3.6m, earlier this week.
Who is Paraag Marathe, bidder for Rangers?
Marathe was a key figure in 49ers Enterprises investment in Leeds, which led to a full takeover and his appointment as chairman in the summer of 2023.
He was also chairman of USA Cricket until 2022, a role in which he helped to launch the country’s white-ball competition, Major League Cricket.
South African businessman King is viewed as a willing seller having previously held talks about offloading his stake to Club 1872.
A proposed majority takeover of Rangers from KRF Capital, owned by American businesswoman Kyle Fox, collapsed last year after her demands for two seats on the board at Ibrox were not met, with Park in particular implacably opposed to selling.
Fox, who had been seeking to buy 75 per cent of Rangers, has not returned to the negotiating table but other US investors are understood to be considering making bids for a minority stake.
Rangers have been in Celtic’s shadow for over decade since being liquidated and reformed as a NewCo in 2012, and have won just one Scottish Premier League title in 13 years, but their powerful brand and large fan-base still makes them attractive to potential investors.