'Deal agreed in principle' as Leeds United owners 49ers Enterprises edge closer to Rangers takeover
Leeds United owners 49ers Enterprises look set to expand their portfolio.
Leeds United ownership group 49ers Enterprises and chairman Paraag Marathe are edging closer to taking over Scottish club Rangers with reports suggesting a deal has been agreed in principle.
Reports last month named Marathe as part of a US-based group looking to take majority ownership of Rangers, with sources north of the border indicating to the YEP that talks were taking place. Discussions were already at an ‘advanced stage’ when news first broke and look to have taken another step forward.
Sky Sports News claim a deal has been ‘agreed in principle’ for the consortium to buy a significant portion of shares, having held ongoing talks since October. Marathe - who is chairman at Leeds and president of the club’s owners, 49ers Enterprises - is said to be one of two men leading negotiations alongside health insurance tycoon Andrew Cavenagh.
Rangers takeover latest
With an agreement reportedly in place, the report suggests there is ‘growing confidence’ a takeover can be wrapped up ahead of the 2025/26 season, echoing previous reports from BBC Scotland that a deal could be announced as early as June. Sky Sports add a period of due diligence will now take place while all the necessary legal paperwork is drafted up.
Marathe’s group are hoping to secure at least 51 per cent of the shares in Rangers, therefore making them majority shareholders and handing them control of the boardroom. The Scottish club’s largest current shareholder, Dave King, owns just under 13 per cent and is thought to be open to selling, as are a number of other significant individuals who reportedly own between seven and 12 per cent of shares.
Leeds are currently 49ers Enterprises’ largest sporting investment outside the US and that is expected to remain true, with their prospective takeover of Rangers not likely to exceed the £170m buyout of Andrea Radrizzani’s remaining shares in September 2023. But the YEP understands there is a desire to establish a multi-club model which has brought success elsewhere across Europe.
Leeds and 49ers Enterprises both declined to comment when reports of a Rangers takeover were put to them last month, while the Scottish giants insisted any such talks would ‘remain confidential’. But Whites chairman Marathe did recently reveal ‘other opportunities’ were always being looked into.
"I can't really comment on whatever rumours might be out there," he recently told the Financial Times Business of Football Summit (as quoted by Sky Sports). "But like I said, we are always looking at other opportunities. We have been. And I think it is doable to replicate the passion [he has for Leeds].
"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."