May 8 – A proposed majority takeover of Rangers FC by a US investment group led by 49ers Enterprises President Paraag Marathe and health insurance entrepreneur Andrew Cavenagh is now “above 90%” likely to go ahead, according to the club’s largest shareholder, Dave King.
Speaking to TalkSport, King said the deal – first reported in March – is nearing completion after months of legal and financial due diligence. The group is seeking to acquire at least 51% of the Ibrox club, and King believes finalisation could come as early as mid-June. “I can’t see anything that would stop the deal happening now,” he admitted.
The potential investors bring significant experience and connections from both American football and European club ownership. Marathe’s 49ers Enterprises already own Leeds United, who have just secured a return to the English Premier League.
Cavenagh, co-founder of ParetoHealth, brings deep financial backing and is expected to play a central role in satisfying regulatory ownership limits imposed by the Scottish and English football authorities.
The Scottish FA’s dual ownership rules cap Marathe’s direct stake at 29.9%, making Cavenagh’s involvement crucial. The English Football League (EFL) also restricts full ownership of multiple clubs across different competitions, though Leeds’ return to the Premier League may simplify regulatory hurdles.
Rangers’ recent financial and on-pitch performance has highlighted both the challenges and potential upside of an acquisition. The club recorded a £17.2 million net loss in 2024, with player sales dropping to £5.63 million – down from £23.6 million the previous year.
Had player trading remained steady, the club would likely have turned a profit. Those figures have reportedly informed the consortium’s investment rationale, which is focused on improved player trading and consistent European progression.
Despite financial headwinds, Rangers posted a record commercial income of £67 million last year and a total revenue of £94.2 million – figures that underscore the club’s enduring commercial appeal. With their large domestic and international fanbase, near-guaranteed European participation, and strong matchday revenues, Rangers remain one of the most attractive football properties in the UK outside the EPL.
If finalised, the takeover would represent a major shift in ownership for the Scottish giants, with new US backers likely to bring commercial savvy and a longer-term financial strategy aimed at closing the competitive gap with Celtic – who just clinched their fourth consecutive Scottish Premiership title.
However, King was cautious on the footballing front: “I don’t think we’re two or three players away from challenging. There’s a lot more that has to come in.”
Contact the writer of this story, Harry Ewing, at moc.l1746710572labto1746710572ofdlr1746710572owedi1746710572sni@g1746710572niwe.1746710572yrrah1746710572