Close to 50% control- Desperate Record claims Ibrox takeover is almost complete!

Keith Jackson remains convinced that his WORLD EXCLUSIVE off a transformational takeover bringing multi-million pound investment to Ibrox is on the cards.

The deal is apparently weeks away but other than Dave King’s long standing enthusiasm to sell his shares nothing else has emerged in the 12 days that the Record has been pushing the story.

Quickly the identity of the prospective new owners switched from the San Francisco 49ers through Leeds United to Andrew Cavenagh, an American businessman that sold a Health Insurance company.

It seems that King has found a kindred spirit in Cavenagh, fed him the moonbeams and promised him that other significant shareholders are as keen as he is to shift their worthless stock.

That was all that the award winning reporter at the Record required to be off and running with the biggest story of his career.

Almost two weeks later the story hasn’t got out of first gear but this morning Jackson has an exciting update for the Record’s Army of Readers:

The proposed game changing, multi-million pound American takeover of their club remains very much alive and on track. Philadelphia-based businessman Andrew Cavenagh – revealed by Record Sport as the principle driver of this deal and a person of considerable personal wealth – is still at the table and fully committed to concluding the process.

Similarly, his billionaire backers at the San Francisco 49ers are in lockstep with Cavenagh and motivated to add the Glasgow outfit to their expanding sporting portfolio. Cavenagh has been hard at this for the best part of five months now, ever since holding initial talks over buying out Dave King’s 13 percent holding.

The plan has developed and grown in scale since that first meeting. Cavenagh has set foot in Glasgow on at least two occasions over that time – as well as attending a Europa League tie at Old Trafford in January – so has seen for himself close up how fractured and dysfunctional the current regime has become.

The make-up and configuration of the major shareholders means he’s been dealing with a variety of bloated egos and negotiating with them over all manner of time zones, all of which must have made these discussions almost impossibly complex. And yet, remarkably, his enthusiasm to shake hands with them all is undiminished.

On the contrary, Cavenagh’s US consortium is closing in on its ambition to scoop up more than 50 per cent of the Ibrox business and, most importantly, all parties involved have displayed a strong willingness to get it over the line. While it won’t be done until the ink has dried, there is a strong belief that binding contracts will be signed off just as soon as the legalities have been checked and double checked by lawyers.

And still no-one from the Record has contacted Douglas Park for his thoughts on the ‘regime change’ being driven by King from South Africa. The Lanarkshire businessman holds all of the cards, anyone genuine about regime change will be talking to him long before they negotiate with King.

From costly personal experience Park won’t be going anywhere near any deal proposed by King which leaves Cavenagh and anyone else interested in the club in a very awkward position. Much like King who has the biggest individual shareholding and no boardroom influence since quitting and demanding full repayment plus interest on his club loan.

Any sign of a hostile takeover or even taking a place on the board could result in Park requesting repayment of his loan, with interest which would create a £12m problem for the incoming regime.

Still, the Daily Record has to offer hope and a distraction for their readers as Celtic close in on #title55, every Record reader is well aware of the significance of that figure.

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