Leeds United owners' expected takeover date revealed as director discloses 'substantial' financial backing

The Scottish club's acquisition by a consortium including 49ers chief Paraag Marathe and American health tycoon Andrew Cavenagh is at '90 per cent completion' with keys to Ibrox expected to change hands within six weeks.

Leeds' majority shareholder has been in talks with Rangers executives since late last year with a view to purchasing a controlling stake in the 55-time Scottish champions.

Leading name on the Rangers board Dave King has now told talkSPORT that the takeover is into the final stages but is not expected to be completed before the beginning of June.

"They [49ers] will have to hit the ground running quite quickly, we have Champions League qualifiers coming up, let's say this deal happens, realistically, mid-June, I think May is not possible, let's say mid-June is realistic, when they are sitting down in the seat," he said.

King has made it clear for some time he intends for an organisation with 'deeper pockets' to take the reins at Ibrox. In the 49ers, Rangers appear to have secured the necessary level of investment to take the next steps in their football operation.

"Along the way, as with any negotiations like these, there were times when it was touch and go, but if you ask me where we are in terms of legals being signed and terms and conditions precedent that still has to be fulfilled, I would put it at about 90 per cent right now.

"It was clear both inside and outside the club that the current shareholding directors had investment fatigue and you can't keep running a club like Rangers on a cap in hand approach every time you need a million quid or two. That wasn't sustainable.

"I started a project at that time to see if I could try and find someone who I could bring in who was substantial, who could take the club forward and not only had a football plan, but with a financial plan behind it as well.

"It was only [agreed] after they'd satisfied me through their bankers. I'm not going to disclose the figure but the amount of money was very, very substantial," King added.

The consortium, which includes the 49ers, has already provided proof of funds and set to work assessing the club's financials in recent months.

What does it all mean for Leeds?

As for Leeds, the running of the club will be unaffected by the 49ers' latest sporting acquisition, something Elland Road chairman Paraag Marathe reaffirmed after takeover noises made mainstream news.

"What it means for Leeds, I don't think it'll mean a whole lot at all," YEP chief football writer Graham Smyth said on the Inside Elland Road podcast. "Marathe has made it clear in his Financial Times Football Summit address that they would see them as stand-alone just as 49ers, the NFL franchise, is a standalone thing from Leeds United.

"There's no crossover, really, apart from some backroom staff, I wouldn't see a great deal of crossover at all. You might see Gretar Steinsson have an involvement, because he's now kind of in the bubble, not in the Leeds day-to-day, but in the 49ers Football Group, so I don't think there'd be really much impact at all.

"I guess it would just be down to Marathe to show that as chairman of Leeds and as such a big noise Stateside in the other football, that he's not going to be spreading himself too thin, but you can surround yourself with very good people and very good appointments at boardroom level and at decision-making level, so that that doesn't become the case."