"He's very much a committed football fan."
A takeover of Rangers involving the investment wing of the San Francisco 49ers is expected to be completed between April and June, with Leeds United chairman Paraag Marathe playing a central role in negotiations.
Marathe, the driving force behind 49ers Investments, has been involved with the NFL franchise for nearly 25 years.
He found his love for football at Elland Road and has since built a reputation as a calculated and strategic investor in the sport.
Football finance expert Kieran Maguire described Marathe as “a smart businessman” who ensures that any investment decision benefits shareholders.
Maguire told BBC Radio Scotland: “He’s not the type that’s going to throw money away.
“His responsibility is to look after the interests of the shareholders and investors in the 49ers’ investment arm.”
Paraag Marathe has been instrumental in 49ers Enterprises’ full takeover of Leeds United, which was completed in July 2023 for £170 million.
Under his leadership, Leeds are currently leading the Championship and pushing for promotion back to the Premier League.
Maguire believes Marathe’s approach to club ownership is structured and focused on long-term growth:
“He’s very much a committed football fan.
“He fell in love with the game and he fell in love with Leeds United, well over a decade ago, and it was his ambition to take advantage of that club, which needs a bit of ‘TLC’ in terms of infrastructure and player investment.
“Leeds have progressed certainly this season and they only just failed to get promoted last season.”
While a finalised Rangers takeover deal is still months away, there is broad agreement among current shareholders to sell all or part of their stake in the club.
The prospective owners are expected to acquire more than 50% of shares while also taking on debt, much of it owed to former chairman John Bennett.
Rangers are currently struggling both on and off the field.
They trail Celtic by 13 points in the Scottish Premiership and were knocked out of the Scottish Cup by Championship side Queen’s Park.
Financially, the club posted a net loss of £17.2 million in October 2024, despite reporting record revenue and income figures for the year to June.
According to Maguire, Rangers’ financial situation makes a sale more likely.
He said: “I think the challenge at Rangers is that you’ve got owners with different objectives who are not all pulling in the same direction, so if the offer is good enough, then everybody will fall in line.
“Rangers lost £17 million last season, so those losses have had to be effectively funded by shareholders and by loans and other forms of investment, and no individual shareholder particularly wants to do that on a regular basis at Rangers.
“If they felt that Paraag Marathe and the 49ers’ investment arm could be good custodians of the club, I think you could get continuity and a deal done.”
One of the key figures in the deal is Dave King, Rangers’ largest individual shareholder, who is understood to be supportive of the takeover.
King has previously spoken about “investor fatigue” at the club, and while he has clashed with the current board in the past, there is growing agreement on the need for fresh investment.
Sources familiar with the negotiations say that while Paraag Marathe is “front and centre” of the bid, another investor is just as influential in the deal, though their identity remains undisclosed.
Due to 49ers Enterprises’ full control of Leeds United, it cannot hold a majority stake in Rangers under current regulations.
However, additional investors are expected to step in to ensure compliance.
Talks about a potential sale of Rangers have been ongoing since the second half of 2023.
Those close to the club now believe that the financial burden and lack of long-term stability have made change inevitable.
The Rangers board view Paraag Marathe and his team as “serious people” with a track record of revitalising underperforming sports institutions.
If the deal goes through, it could mark the beginning of a new chapter for the Ibrox club in an evolving football landscape.
Loading ...