Major Rangers takeover breakthrough as 49ers & Andrew Cavenagh secure required shares to seal Ibrox purchase

The US-led proposed takeover of Rangers is edging closer to completion after Andrew Cavenagh and the San Francisco 49ers secured the required shares to finalise their purchase of the Ibrox club.

It was revealed earlier this year that an American consortium led by health tycoon Cavenagh and 49ers chief executive Paraag Marathe were preparing a bid to gain a majority shareholding in the Govan giants as well as sweeping up the minor shareholdings held elsewhere.

That would oust the likes of Dave King and John Bennett from the club’s hierarchy and the Scottish Sun report that the key figureheads involved in the takeover bid have now acquired the 51 per cent of shares needed to conclude the multi-million pound deal by the end of May.

GlasgowWorld reported last week that negotiations has stalled slightly with hugely unpopular former Gers director Sandy Easdale understood to have been helping facilitate the deal with the Americans behind the scenes. But it’s now claimed his shares will NOT be required to push those talks over the line.

An Ibrox insider told the Sun: “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.”

The takeover is viewed as a huge chance for major investment in the Light Blues and with a deal now closer than ever, the appointment of a new permanent manager will he top of the new board’s agenda.

The best food, sport and culture in our GlasgowWorld newsletter - sign up here.

A Europa League quarter-final exit at the hands of Athletic Bilbao last week confirmed that Rangers would end the season without silverware. The playing squad also requires major surgery if they are to challenge arch rivals Celtic for domestic dominance again.

They had to watch as Brendan Rodgers’ side breezed past St Johnstone 5-0 in the Hampden sunshine on Sunday to set up a Scottish Cup final meeting with Aberdeen, knowing a win will secure a sixth treble in nine years.

Read more: Rangers star set for surgery as Brendan Rodgers makes surprise selection statement on rarely seen Celtic ace