DAVE KING has claimed the Rangers takeover is now ‘90 per cent’ complete – and believes a deal with new US investors could be wrapped up by mid-June.

King has also warned that a major overhaul of the playing squad will be required if Rangers are to compete with Celtic next season.

Rangers are locked in talks with a consortium headed by healthcare tycoon Andrew Cavenagh and 49ers Enterprises chief Paarag Marathe.

US investors’ takeover of Rangers is 90 per cent complete according to Dave King

Former chairman Dave King expects the new regime to be in place by June

Currently Rangers’ largest single shareholder with just under 13 per cent, King’s shares will be key in any sale as the Americans seek to gain a 51-per-cent controlling stake.

An outspoken figure despite stepping down as chairman in March 2020 at the start of the pandemic, King has stressed the need for the prospective new owners to hit the ground running.

‘These discussions have been going on for some time,’ he told talkSport. ‘About six months ago was the first time I chatted to Andrew to see if there was a basis for getting a deal done that would work for both parties.

‘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.

‘There are still a few things to be done, conditions, approvals from various leagues, the SFA, the SPFL, there are still some conditions pressing to get the deal across the line. But I see a 90-per-cent probability it’ll happen.

US businessmen Cavenagh and Marathe took a tour of Ibrox earlier this month Picture: STV

Rangers have appointed Kevin Thelwell as their new sporting director

Rangers are set to appoint Everton’s Gareth Prosser as their new head of academy

‘They [new owners] 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. That doesn’t give them a lot of time to start and get some business done and prepare us for Champions League qualifiers. As far as the actual manager and who they are looking at, I have no idea.’

Rangers have already moved to appoint Kevin Thelwell as their new sporting director, with the 51-year-old Englishman taking up his new role when he leaves Everton at the end of the season.

Thelwell will lead the search for a new manager and Rangers have also now opened talks with Everton’s Gareth Prosser with a view to him becoming the club’s new head of academy.

Prosser has worked with Thelwell at Goodison Park and also Wolves.

When a new manager is in place, Rangers will embark on what is expected to be a major summer rebuild of the playing squad.

King was highly critical of the club’s academy and transfer activity in recent years, adding: ‘I look at our level of transfer activity – I think it’s been quite deplorable over the last number of seasons – and as a supporter watching the games, I think we’re way short of competing.

‘So we needed investors to come in with a proper financial plan. And, when I say financial plan, I mean something where there was a commitment over a number of years, where the money would be available for a period of time. And that the financial plan would include all of the operational issues and player trading issues.

‘If I look at the club, it’s pretty much been hollowed out in many of the areas where you would expect a club like Rangers to be operating at.

‘The academy has gone backwards, the player trading model has clearly not been working.’

With Marathe and the 49ers Enterprises in control of Leeds United, King doesn’t see any potential conflict of interest.

After his conversations with the Americans, he is confident they know and understand the landscape of Scottish football and what is required at Rangers.

He added: ‘The situation regarding Leeds, as far as I understand it, is not going to be a distraction.

‘What I was looking for from a Rangers perspective was to try and get investors who understood that there’s no short-term fix here.

‘We’re back to the time when I hired Steven (Gerrard) when it was understood that significant cash was required and it would take a number of windows.

Rangers have endured a trophyless season, with manager Philippe Clement sacked in February

‘I’ve been fortunate enough to be involved in discussions with them directly so I’ve a sense of – and I asked the question when Paul Murray introduced them to me – why Rangers?

‘I get your interest in the 49ers with expanding franchises, I see why football is a great business opportunity, we can see what you’ve done at Leeds United on the commercial revenue side.

‘I can see that Rangers provide a better base to leverage that. But why are you interested in Rangers? It’s not San Francisco, It’s Glasgow, not London.

‘And I got all the right answers. That they understand the football business, they like the football business and want to be in Rangers for the long haul.

‘Having been around the club for 20 years, there is a big disadvantage in clubs like Rangers where the board and decision-making is dominated by supporters.

‘You get this absolute doom and gloom when you lose a game and “we need to do this and that, sign players and get rid of the manager”.

‘Then you win a game and, all of a sudden, everyone is on top of the world.

‘They’re going to be more calculated, more neutral and their football and financial plan will be far more robust and tangible.

‘They’ll be able to ride through the bad times if there is a period of poor results. I suspect that can happen because, as a supporter looking at the quality that Rangers have got on the field, I don’t think we’re two or three players away from challenging for the league title; a lot more than that has to come in.’