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FITTING LEGACY
Ex-Rangers chief Dave King reveals his crucial role in American takeover and claims it will be his ‘fitting legacy’
The former chairman has revealed how long he's been in talks over his stake in the Gers
DAVE KING wants the multi-million pound US Ibrox takeover to be his lasting Rangers legacy.
SunSport can reveal the former Light Blues chairman has played a key role in the complex deal that could see the billionaire owners of the San Francisco 49ers take control of Gers.
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King owns 12.96 per cent of Gers through his New Oasis Asset company.
Now after detailed discussions - stretching back to October last year - the Johannesburg-based businessman is prepared to sell those shares to the American consortium led by Paraag Marathe.
King claims to have “kissed many frogs” before finding the right people to take over, with American tycoon Andrew Cavenagh — the boss of Philadelphia-based health insurance firm ParetoHealth — tonight revealed as another potential investor.
King told SunSport: “At this time, no deal has been concluded with any investor.
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“In order to avoid the continuation of unnecessary speculation that might transpire to be harmful to the club, I introduce the following general facts.
“I am on record as stating that I offered to return as chairman for a limited two-year period to restore the proper operational structures at the club and to find a new and substantial anchor investor that could take the club forward with stability rather than the present ‘cap in hand’ approach to funding.
“The board rejected my offer of assistance, as it was entitled to do.
“I also stated that I believe that the present investors have ‘investment fatigue’ and that any new investor should be of unquestionable wealth to not only inject much-needed funds into the club immediately, but also have funds in reserve to support the rebuilding programme that will be required both on and off the pitch.
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“Given that the club had made it clear that I had no further role to play, I thought it would be a fitting legacy if I sought out potential investors that met my criteria and who could buy out some of the existing shareholders, such as me, who no longer have a role to play and then inject new funds to become a new anchor shareholder.
“Such an investor would also need to be acceptable to supporters and to have the appropriate skillset to take our unique club forward.
“It was extremely unlikely to find such an investor in Scotland, which is why I was pulled into regime all those years ago.
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“After kissing many frogs, I finally identified two possibilities - one of which was introduced by an ex-colleague. Both met my criteria and I engaged with them accordingly.”
Other current shareholders are expected to follow King’s lead and sell all - or part - of their stake in the coming months.
It could pave the way for the family behind NFL giants 49ers to seize control of Gers.
San Francisco chief and Leeds United chairman Marathe - a key figure in the US-led delegation - is the force behind 49ers Enterprises, the investment wing of the franchise.
He has played a leading role in the takeover talks - with another unnamed investor every bit as influential.
Who owns Rangers?
As the San Francisco 49ers pursue potential investment in Rangers, SunSport looks at who own the biggest blocks of shares at Ibrox
Dave King 12.96%
Borita Investments & Perron Investment (owned by directors Julian Wolhardt and John Halsted) 12.69%
Douglas Park 11.54%
George Taylor 10.22%
Stuart Gibson 9.53%
John Bennett 7.11%
King added: “The initial engagement required discussions with the principals to understand why they wanted to invest, confirming proof of funds from their bankers for the level of investment I think is needed over the next few years, and establishing what a potential deal might look like.
“After the initial high-level discussions I had an initial preferred investor, so I put the other one on hold by agreement.
“I then, over a period of time, engaged with individual shareholders and directors to try to get broad consensus on a deal that might be done and that I felt I could support personally and that I thought supporters would support.
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“That point was reached and more formal discussions ensued between the potential investor and the board as a collective.
“Discussions have proceeded in a constructive manner, but a deal has not yet been finalised and the parties remain bound by confidentiality.”
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