Leeds United owners' takeover imminent as major Rangers update expected
Leeds United owners 49ers Enterprises are believed to be on the cusp of completing their takeover of Scottish Premiership side Rangers.
Discussions between 49ers' Global Football Group, including Leeds chairman Paraag Marathe, fellow negotiation lead Andrew Cavenagh and Ibrox executives have been ongoing since late last year with a view to signing over control to the wealthy consortium.
49ers are expected to be unveiled as Rangers' new owners imminently with significant minority shareholders at the Scottish club agreeing to sell shares, handing stewardship over to the American group.
Earlier this month, Marathe featured among the incoming party shown around Ibrox as the deal continued to progress. The San Francisco executive was also pictured at Old Trafford last season for Rangers' Europa League encounter with Manchester United, as a guest of the Ibrox delegation.
It is now understood Rangers will change hands shortly, in line with soon-to-be outgoing executive Dave King's initial timeline for the deal's conclusion.
This will mean Leeds have a new sister club contained within the 49ers' sporting sphere of influence. However, the running of the two clubs will remain largely separate, aside from standard industry information sharing and promoting strategy best practice.
Rangers are expected to announce a new manager at Ibrox following the 49ers' takeover with matches in the UEFA Champions League Second Qualifying Round to take place in mid-to-late June.
“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," a club statement read last month.
“These discussions reflect a shared recognition of the importance of Rangers FC's long-term direction, ambitions and management."
As for Leeds, developments north of the board will not change 49ers' investment at Elland Road with a spokesperson confirming: “The strength of our commitment, resources, and ambition for Leeds United remains unchanged. We look forward to competing in the Premier League next season.”
Leeds' owners recently raised £120 million through a share issue to existing investors, intended to improve cashflow and help with Elland Road redevelopment plans which are scheduled to begin as early as September this year.