Rangers Football Club has confirmed for the first time that talks are under way with an American consortium over the possible takeover of the club.
Discussions with healthcare tycoon Andrew Cavenagh and the San Francisco 49ers’ investment arm, 49ers Enterprises, are understood to have been ongoing for six months.
The club has now broken its silence, revealing “productive conversations” have taken place on a deal which would see the consortium acquire a controlling stake in Rangers.
The group is looking to secure at least 51% of Rangers’ shares and to “inject additional capital”, with the deal expected to be completed prior to the start of the new season.
A joint statement said: “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.”
It is understood that negotiations have complicated by Rangers’ ownership structure, with no majority owner. Dave King, Douglas Park, George Taylor, Stuart Gibson, John Bennett, Julian Wolhardt and John Halsted each hold between 6% and 13% of the shares.
Rangers, meanwhile, have appointed Kevin Thelwell as sporting director.
The 51-year-old Englishman is currently Everton’s director of football and will move to Ibrox in the summer when his three-year contract expires.
“Rangers needs to win,” he told the club website.
“That’s the bottom line. There’s a strong foundation already in place, and I look forward to working closely with the teams across the men’s, women’s and academy programmes to build something that delivers consistently.”
Thelwell moved to Goodison from New York Red Bulls where he was head of sport, and is also is a former director of football with Wolves.
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