Two months on from the WORLD EXCLUSIVE in the Daily Record about the San Francisco 49ers taking control at Ibrox the troubled club has admitted that they are in ‘productive conversations’.
Back in February Keith Jackson reported that talks over a multi-million pound investment were at an advanced stage. Negotiations apparently started in October, seven months ago.
Other than a brief statement from Dave King two days after the World exclusive there has been nothing but speculation over a takeover with the San Francisco 49ers quickly downgraded to Andrew Cavenagh and an unknown consortium.
There are less than three months to go until the Champions League qualifiers begin, with no manager in place and supporters demanding another full scale Revolution the pressure is on to keep the angry bears onside to ensure full take up on Season Ticket renewals.
On March 3, two days after losing at home to Motherwell Sky Sports News had the exclusive news that a deal had been agreed in principal to buy 51% of the shares in the club, due diligence was under way.
It seems, like the Record on February 19 that that claim was premature, tonight Sky Sports News published the following statement from the Ibrox club.
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.
WOW, that’s it.
To buy up 51% of the shares the consortium would need to buy up every share belonging to the six biggest shareholders, that includes Dave King and Douglas Park, not a peep has been heard from the Lanarkshire based businessman who has an 11.54% stake in the club and has loaned £11m in an interest bearing loan.
Explaining the mechanics of the takeover Sky added:
Rangers’ single largest shareholder Dave King is among the key figures who is set to sell his stake in the club. King has a 12.96 per cent shareholding and one source has suggested the 49ers were one of three serious parties to approach the former Ibrox chairman over investing in the club.
Douglas Park (11.54%), George Taylor (10.22%), Stuart Gibson (9.53%), Julian Wolhardt (9.53%), John Halsted (9.53%) and John Bennett (7.11%) are among the others willing to part with all or some of their shareholdings.
It is quite a stretch to imagine all six groups getting together and agreeing a price to sell their shares, selling part of your shareholding makes no sense.
Tonight’s statement will no doubt be greeted with joy and banner headlines across the Scottish media, on Saturday they will almost certainly be reporting on Celtic winning #title55.
Earlier this season Celtic went past the joint trophy count of the two Ibrox clubs, two months later Phil Clement was sacked.
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