US businesswoman Kyle Fox has revealed that a proposed deal to takeover Rangers has collapsed as her firm KRF Capital pull back from negotiations.
The news comes after nine months of negotiations with Kyle Fox aiming to buy a controlling stake in Rangers by buying up the shares of several key shareholders.
Earlier reports in Business Insider had claimed that Fox wanted to buy around 25% of Rangers with an investment commitment of around £75m.
This was scaled back from initial interest in buying 75% of Rangers with £50m of additional investment, with the reports claiming Kyle Fox met with the likes of former Rangers chairman Paul Murray last year.
The reports came after the collapse of Dave King’s arrangement with fans group Club 1872, who had initially hoped to buy the shares of the club’s biggest stakeholder via support from fans.
Kyle Fox Rangers takeover proposal collapses
Now, the BBC are reporting that the Kyle Fox Rangers takeover proposal has collapsed after being met with fierce resistance from several of the club’s top brass, including current chairman Douglas Park.
“Our interest was predicated on certain conditions being met – those conditions were not met,” said Fox.
“Our letter of interest included gaining anti-dilution rights protection, two board seats and access to the data room and management interviews. All were denied.”
Rangers had dropped a legal challenge against Kyle Fox and her firm earlier in the year, with the club initially biting back against the alleged inappropriate use of copyright.
The BBC report claims that Dave King remains open to selling his stake in Rangers, with the South Africa-based businessmen voting against the re-election of Douglas Park at the most recent AGM.
Couple this with a very public attack on several of the club’s directorate via Club 1872 and all of this points to boardroom discontent at the top of the club.
Kyle Fox is reportedly still interested in discussions over a Rangers takeover but for the time being the discussions has come to a screeching halt.
Meanwhile, Rangers have been linked with a move for Swansea striker Joel Piroe.