Panic over Ibrox Takeover as in-house ‘update’ is issued to fans

Soon after Celtic booked their place in the Scottish Cup the Rangers Review secured an update on the so-called Ibrox takeover.

Keith Jackson of the Daily Record broke the WORLD EXCLUSIVE on February 19, since then nothing of substance has emerged other than an American tyre-kicker getting hospitality at a few matches.

It has been a very useful deflection tool, loyal bears have been able to speculate about how many mullyins will be given to the new manager with Jose Mourinho, Mikel Arteta and Pep Guardiola all in contention for the blazer and brogues.

Season Tickets have been renewed with CEO Paddy Stewart expected to impose full on austerity through the summer as he tries to reduce spending down towards matching income levels.

Last night The Rangers Review, masterminded by Jonny McFarlane, revealed:

Andrew Cavenagh and 49ers Enterprises have finalised a route that will secure a 51 per cent controlling interest in Rangers as the Ibrox takeover deal moves closer to completion.

Which is exactly what Sky Sports reported on March 3 with due diligence underway. Two days after losing at home to Motherwell.

American healthcare tycoon Cavenagh has been in discussions with key shareholders since October in a bid to reach a consensus to herald in a sweeping regime change ahead of the new campaign.

And those talks – which have also included 49ers chief Paraag Marathe – are now close to being finalised as the legal process is worked through ahead of a handover of power. It is understood an announcement is still several weeks away.

On February 19, in his WORLD EXCLUSIVE, Keith Jackson revealed that talks were at an advanced stage over multi-million pound investment.

Now it seems like the formality of the deal is still several weeks away, on July 22/23 and 29/30 the new manager will be taking his squad into the Second Qualifying Round of the Champions League.

Reports in recent days suggested that former director Sandy Easdale held a potentially decisive say in the takeover as Cavenagh and Marathe sought to secure enough shares to give them the boardroom power base that they require.

The Rangers Review understands that Easdale’s stake in RIFC plc – which now reportedly stands at 2.25 per cent – is not needed for the deal to be completed, however, and suggestions that there is a snag in the takeover are wide of the mark as all parties work towards a completion date. The Rangers Review previously outlined that the deal could be finalised late next month.

A source close to the negotiations told the Rangers Review: “Talks have been ongoing since October to get enough shareholders on board to ensure that the 51 per cent mark can be reached after a new funding issue. The 51 per cent is secured, it is only the legals and regulatory approvals that are holding things up.”

After touching on Leeds United’s promotion prospects the report adds:

Former Ibrox chairman Dave King will sell his major shareholding as he ends his 25-year association as a board member, director and chairman with his boyhood club. John Bennett will also offload his stake to give the American consortium around 20 per cent of the shares in RIFC plc.

The remaining shares that are required will be accumulated through percentage deals with a handful of investors and a future rights issue as the new powerbrokers prepare to make significant investments on and off the field. As previously reported by the Rangers Review, significant changes around the top table are expected as familiar faces at Ibrox make way for the new regime.

Once again there is no mention of Douglas Park, the second biggest shareholder in the club with an 11.54% stake.

To reach 51% of the shares would require simultaneous deals with the six biggest shareholders, since the WORLD EXCLUSIVE in February there has barely been a mention of Park.

With CEO Stewart hosting a Q and A  for selected My Gers members on Wednesday last night’s ‘update’ will allow him to flannel through the meeting with business talk, buzz-words and the traditional promise of ‘this time next year’ as he tells the audience how hard the board are working to improve things.

Losses for last year were recorded as £17.2m, this season they are likely to be over £25m with the costs of delayed building work at Ibrox, staging five matches at Hampden, paying off Phil Clement and spending £13m on the playing squad.