What could Rangers expect from potential 49ers takeover?

Paraag Marathe has been Leeds United chairman since July 2023

When 49ers Enterprises completed a much-anticipated takeover of Leeds United in July 2023, the situation was far from rosy at Elland Road.

The West Yorkshire club had been relegated from the Premier League after a chaotic season featuring four different managers, and fans had been left in the dark after relegation was confirmed with a defeat by Tottenham Hotspur seven weeks prior.

There was no permanent manager following the conclusion of Sam Allardyce's short-term deal, and no sense of what the squad would look like for the season ahead.

And yet, 18 months on, they are well placed for a return to the top flight having navigated those choppy waters.

Leeds chairman Paraag Marathe is now a central figure in discussions regarding a takeover at Rangers.

Any investment would be subject to approval from the Scottish FA's board, given rules on multi-club ownership, but what could the Ibrox club expect from a deal involving the 49ers?

Canny recruitment behind Leeds promotion push

Leeds are two points clear at the top of the Championship after Pascal Struijk's double earned a dramatic 2-1 win against Sunderland on Monday

The 49ers bought a 15% stake at Leeds in 2018, increasing that to 44% in 2021, and while they were involved at board level during that period, it is only since their full takeover in July 2023 that they have called the shots outright.

However, they did come under fire, along with former chair Andrea Radrizzani and chief executive Angus Kinnear, for several player contracts negotiated during Leeds' most recent spell in the Premier League.

Upon relegation, clauses inserted into several players' deals meant they could depart on loan, much to the dismay of the club's fanbase.

Willy Gnonto refused to play as he looked to force a move away before being reintegrated into the first-team squad, and Daniel Farke - chosen as the man to lead Leeds to promotion - and his new-look side were made to rue a stuttering start to the season, beaten in the play-off final by Southampton.

That failure to return to the top flight at the first time of asking led to Crysensio Summerville, Georginio Rutter and the club's hottest prospect Archie Gray all leaving last summer.

Former Rangers midfielder Glen Kamara was also sold as Leeds saw around £150m-worth of talent depart. Those sales demanded another rebuild, but the 49ers have cannily put together a squad that has kicked on to new heights this season.

Influential centre-back Joe Rodon's loan deal was made permanent, while Jaden Bogle and Ao Tanaka have been hugely impressive after signing for relatively low transfer fees from Sheffield United and Fortuna Dusseldorf respectively.

Indeed, Leeds have had very few misses in the transfer market since the 49ers took sole charge, with Joel Piroe and now-captain Ethan Ampadu establishing themselves as leading performers in the Championship.

The side is now less reliant on individual quality and functions better as a unit in Farke's second season as manager. Leeds top the table with the best attacking record and second-best defensive numbers in the league.

Gone is the scattergun approach of previous director of football Victor Orta, with signings now carefully considered and catered to the needs of the squad.

Big-name investors & shunning spotlights

Will Ferrell watched Leeds lose to Burnley earlier this season

Of major interest to Rangers fans will be the 49ers Enterprises' financial muscle, given the ever-increasing commercialisation of football.

Forbes have valued 49ers Enterprises at $5.97bn, and Marathe has sourced external investment for Leeds in addition to that eye-watering figure.

Actors Will Ferrell and Russell Crowe have both put money into the club, in addition to famous sportspeople such as swimmer Michael Phelps, golfer Jordan Spieth and NBA All-Star Russell Westbrook.

It is designed to grow Leeds' already sizeable reputation around the world as well as injecting money into the coffers.

Marathe has spoken about his expertise in negotiating contracts in the past - despite the much-maligned relegation clauses at Leeds - and he was also heavily involved with San Francisco 49ers' move to Levi's Stadium in 2014.

With talk of expansion and renovation at Elland Road upon promotion back to the Premier League, infrastructural improvements could be an area Rangers' prospective owners look at after any takeover.

Another feature of the 49ers' ownership at Leeds has been how little you hear from them.

It is in stark contrast to previous regimes at Elland Road who sought spotlights and headlines.

Marathe evidently prefers to conduct business behind closed doors, rarely giving interviews and only occasionally providing statements. What you do see is a polished, confident individual with a track record of success at high-profile sporting institutions.

Only time will tell if those qualities will be seen in Glasgow, and whether they would be enough for Rangers to better compete with city rivals Celtic.

Leeds and Scotland legend Eddie Gray alongside 49ers CEO Jed York