Rangers takeover state-of-play as key figure reveals timeline for deal and plan to redress balance with Celtic

Dave King has backed the incoming new Rangers owners to redress the balance with Celtic as he revealed the impending takeover is unlikely to be completed until June.

The South Africa-based businessman and former Rangers chairman is the club’s single largest shareholder with a 13 per cent stake. Having been involved in negotiations with American businessman Andrew Cavenagh and the 49ers Enterprises since late 2024, King expects their bid to take control of the Ibrox club to be finalised next month.

“If I take you to the position as I see it right now, I would say that there’s a 90 per cent probability it will happen,” he told Talksport on Wednesday. “These discussions have been going on for a long time, about six months ago was the first time I chatted to Andrew to see if there was a basis of getting a deal done that would work for both parties. And while along the way with any negotiations like these, there were times where it was probably touch and go, if you ask me where we are now in terms of legals being signed, in terms of the type of conditions precedent that still has to be fulfilled, I would certainly put it at above 90 per cent right now.”

Former Rangers chairman Dave King has been heavily involved in takeover discussions with a US-based consortium. | SNS Group

Celtic recently clinched their fourth successive Scottish Premiership title - their 13th in 14 seasons - and are on course for a sixth treble across the same period while Rangers have won just three majors honours since liquidation in 2012. King believes the takeover can bridge the gap between the Old Firm after the buyers met his conditions for selling his stake in the club, including proof of funds.

"I've been fortunate enough to be involved in discussions with them directly," he said. "I've asked them the question, when Paul Murray first introduced me to them, 'why are you interested in Rangers? It's not fashionable, it's Glasgow, not London'. And I got all the right answers that they understand the football business, and they would be in Rangers for the long haul.

"I'm not going to disclose the figure but it was very, very substantial the amount of money that I thought necessary to get this deal done and to fund the club for the next two years to bridge what I perceived to be the gap between us and our competition.

"Once they provided the proof of funds we then started serious negotiations where I started to talk to other shareholders and directors to see if we could package something that would allow them to come in and take control of the club. It's taken six months to get to where we are, but if I look at where we are legally, commercially, and the type of approvals required from the SFA etc, I can't see anything that would stop the deal from happening now."

King is also enthused by the prospect of Rangers being run by people with no previous connection to the club, unlike the current board.

"I think there is a big disadvantage in clubs like Rangers where the board and decision making is dominated by supporters. You've got this absolute doom and gloom if you lose a game, and 'we need to do this, do that, sign players, get rid of the manager'. Then you win a game and all of a sudden everyone is on top of the world. I think they will be more calculated, more neutral, and the football plan and financial plan that supports that will be far more robust, far more tangible, and will be able to ride through the bad times if there is a period of poor results."

Rangers interim head coach Barry Ferguson celebrates as Cyriel Dessers scores to make it 1-0 against Celtic. Cr: SNS Group. | SNS Group

One of the most pressing matters for the incoming consortium is to appoint a permanent manager, with Barry Ferguson currently in interim charge. King claimed he had no insight regarding the next steps regarding a new boss, but he did acknowledge they will need to move fast to have everything in place for next season.

“I’m not sure the extent to which they’re applying their mind to the manager situation right now,” he said.

“Let’s say that this deal realistically happens, say, mid-June – I think May will not be possible, but let’s say mid-June is realistic – and they’re firmly sitting in the seat, that doesn’t give them a lot of time to start to get some business done and prepare us for Champions League qualifiers.

“So I’m sure they’ll be looking at that. But as far as who the actual manager will be and who they’re looking at, I’ve got no idea whatsoever.”