The former Ibrox chairman revealed he was initially speaking Saudi investors before the Americans entered the fray
12:20, 07 May 2025Updated 13:59, 07 May 2025
Former Rangers chairman Dave King expects the Rangers takeover to be completed in mid-June and revealed he was talking to potential Saudi investors before Andrew Cavenagh came calling.
The US health insurance tycoon, along with 49ers Enterprises, is close to finalising a deal that will see them take control at Ibrox, as first revealed by Record Sport.
King revealed that things are 90 per cent done but that fans shouldn’t expect the new regime to be in place this month, and that they’ll have around another six weeks to wait before everything is signed and sealed.
And the South African-based business man took outsiders inside the negotiations, revealing that he knew Cavenagh and his takeover crew were the real deal when they literally showed him the money..
“These discussions have been going on for some time,” King told talkSport. “About six months ago was the first time I chatted to Andrew to see if there was a basis for getting a deal done that would work for both parties.
“Along the way, as with any negotiations like these, there were times when it was touch and go. but if you ask me where we are in terms of legals being signed and terms and conditions precedent that still has to be fulfilled, I would put it at about 90 per cent right now.
“I see this as a bit of a legacy issue for me, if I might sound that grand. I made a statement last September/October time when the club was clearly in trouble operationally and financially.
Andrew Cavenagh
“I made an open offer to come back for maybe two years to get the operation and the funding back on track and try and find new potential owners who could take the club.
“It was clear both inside and outside the club that the current shareholding directors had investment fatigue and you can’t keep running a club like Rangers on a cap in hand approach every time you need a million quid or two. That wasn’t sustainable.
“The fact that Rangers had fallen so far behind following 55, I just felt the gap was too big to bridge looking at local investment from the directors.
“I started a project at that time to see if I could try and find someone who I could bring in who was substantial, who could take the club forward and not only had a football plan, but with a financial plan behind it as well.
“Someone with deeper pockets, someone with sustainability in terms of funding. I was talking to the Saudis at that time, then I got a call round about October from Paul Murray.
“He said: ‘Look Dave, I’m aware you’re trying to find investors, I’ve got these guys and I think they’re the real deal.’
“He then put me in touch with Andrew, we chatted, had a couple of initial meetings and then I asked him the one question which is when a lot of these things fall apart, which is can you give me proof of funds?
“Before I take this forward, engage with other shareholders and board members, can you give me proof of funds that you have the cash to not only buy out the existing, weak shareholders we’d like to get out, but also enough to put new money into the club?
“It was only after they’d satisfied me through their bankers. I’m not going to disclose the figure but the amount of money was very, very substantial.
“It was the amount of money I thought was needed not only to get this deal done, but to fund the club for the next two years and to bridge what I see to be the gap between us and our competition at the moment.
“Once they provided the proof of funds, we then started serious negotiations with other shareholders and directors to see if they could package something that would allow them to come in and take control.
“There are still a few things to be done, conditions, approvals from various leagues, the SFA, the SPFL, there are still some conditions pressing to get the deal across the line.
“They will have to hit the ground running quite quickly, we have Champions League qualifiers coming up, let’s say this deal happens, realistically, mid-June, I think May is not possible, let’s say mid-June is realistic, when they are sitting down in the seat.
“That doesn’t give them a lot of time to start and get some business done and prepare us for Champions League qualifiers. As far as the actual manager and who they are looking at, I have no idea.”
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