Rangers are in talks with American investors over a potential takeover.
San Francisco 49ers chief Paraag Marathe - who runs Leeds United through 49ers Enterprises - is involved in high-level talks with Ibrox powerbrokers.
It's understood no deal has been signed with discussions over a multi-million pound takeover bid still ongoing.
A Rangers spokesperson said: “It is not our policy to comment on speculation. If there were any such discussions, these would remain confidential.”
However, it's understood that some shareholders are willing to sell their stakes in the club should the takeover progress in a satisfactory manner.
The 49ers investors are likely to command space on the Ibrox board as a result of significant investment in the club meaning there could be major changes in the leadership at the Govan club.
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Currently, Dave King is the largest shareholder in the club with almost 13% ownership of Rangers through his New Oasis Asset vehicle.
Douglas Park, of Park's Motor Group, is next with an 11.54% stake in Rangers, followed by George Taylor on 10.22%.
Stewart Gibson holds a 9.53% stake of the club with John Bennett on 7.11%. Borita Investments own 6.69% and Perron Investment, 6%.
Club 1872 hold a 5% share in the Ibrox club.
While it is unclear which shareholders could sell, King previously stated there was 'investor fatigue' at Ibrox.
He said previously: “I wouldn't be looking to invest more money in the club. I don't think that's the way forward for the club.
"I think, and I can't talk for the other guys, there's investor fatigue within the existing board members. So I think the way forward is in fact for us to attract additional investment."
Rangers investors and currently shareholding
Dave King (New Oasis Asset) - Almost 13%
Douglas Park - 11.54%
George Taylor - 10.22%
Stuart Gibson - 9.53%
John Bennett - 7.11%
Borita Investments - 6.69%
Perron Investments - 6%
Club 1872 - 5%
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