49ers release statement on Leeds United ownership position after Rangers confirm takeover talks
Leeds United majority shareholder 49ers Enterprises have reaffirmed their commitment to the club after takeover talks with Scottish Premiership side Rangers were confirmed by the Ibrox club.
The 49ers insist they are still wholly committed to their Elland Road responsibilities and are looking forward to next season in the Premier League, despite the Scottish giants acknowledging advanced negotiations are taking place regarding a takeover.
Discussions between the group’s investment arm 49ers Enterprises and prominent Rangers shareholders are said to have begun late last year with a deal accelerating more recently.
On Wednesday evening, Rangers confirmed for the first time talks between the club and the prospective takeover consortium, which is headed by Andrew Cavenagh and 49ers chief Paraag Marathe, who also functions as Leeds chairman.
Marathe was pictured at Old Trafford recently during Rangers’ UEFA Europa League tie against Manchester United as talks with Ibrox executives progressed.
“Rangers and its existing controlling shareholders are in productive conversations with the two lead members of the Consortium, Andrew Cavenagh and 49ers Enterprises Global Football Group, about the potential for the Consortium to acquire control of the club and to inject additional capital.
“These discussions reflect a shared recognition of the importance of Rangers FC's long-term direction, ambitions and management,” the statement released by Rangers read.
Following reports of the 49ers’ interest in Rangers, Leeds supporters had questioned whether club chiefs could look to sell up at Elland Road and focus their attentions on Ibrox instead.
A spokesperson for 49ers’ Global Football Group has reaffirmed the organisation’s dedication to Leeds: “The strength of our commitment, resources, and ambition for Leeds United remains unchanged. We look forward to competing in the Premier League next season.”
What is the latest with stadium redevelopment?
Leeds, meanwhile, took a step closer to achieving the 49ers’ flagship project of stadium redevelopment at Elland Road this week as the sale of land necessary for expansion, currently owned by Leeds City Council, was agreed with the council’s executive board.
Plans are in place to expand Elland Road’s capacity to above 50,000, making it one of English football’s premier stadia.