Rangers takeover: Key figure breaks silence to lift lid on 'constructive' talks

News broke earlier this week of a takoever bid involving the investment arm of the San Francisco 49ers, led by Leeds United chairman Paraag Marathe, who is also head of 49ers Enterprises.

Marathe is understood to be fronting a US-based consortium looking to gain a controlling stake in Rangers which would result in a near clear-out of the current boardroom.

South Africa-based King, who owns 13 per cent of Rangers and is their largest shareholder, has met with the potential investors in recent months in an attempt to secure a change in ownership.

And he hopes bringing the deal to a conclusion can secure his lasting legacy at Ibrox.

In a statement which appeared in various outlets on Friday night, King said: "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 program that will be required both on and off the pitch.

"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 skills set to take our unique club forward. It was extremely unlikely to find such an investor in Scotland (which is why I was pulled into the regime all those years ago).

"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.

"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.

"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.

"Much of what has been written in the press is speculative and incorrect. At this time no deal has been concluded with any investor."

Rangers manager Philippe Clement says he has given no consideration to what a prospective American takeover of Rangers would mean for his own position.

Asked if he had given it any consideration, the Belgian boss said: “No, no, I’m busy now with the group, with the players, the next game, all of that. Those are the things I have in control, in part, because you don’t have everything under control.

“No, it’s about the job of every day, going full for that and getting the best out of the players that are available at that moment. There’s never a club where the manager is involved in these kind of things.

"If things change, and there are different budget, of course you’re involved and it can help you, but that’s the only thing. So that’s business. Those are rumours. There’s nothing for the moment, so nothing to talk about until something happens.

“I think it’s the same as with transfers in the transfer window, if there’s nothing concrete to say.”