Each day there seems to be a new update and yesterday it emerged that former chairman Dave King was ready to sell his Gers shares in order to help herald in a new era.

King voiced his displeasure at the current board earlier this season, clearly keen for change to happen, and now wants the sale to 49ers Enterprises to be part of his lasting legacy.

It came as US businessman Andrew Cavanagh was named as the mystery American mogul involved in the consortium, along with Leeds United chairman Paraag Marathe, that is looking to strike a deal with Rangers chiefs.

The US health insurance tycoon is currently chairman of Philadelphia-based health insurance firm ParetoHealth and also helped found Garnet Captive Services, LLC and Elevate Insurance Services, LLC.

It was also claimed yesterday that the deal between Gers and the 49ers group is ‘well-baked’ with King also detailing all the steps that have been taken.

Now, another significant milestone is being reported.

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Another former chairman, John Bennett, is reportedly prepared to sell his Rangers shares to 49ers Enterprises.

That’s according to the Scottish Sun, who say Bennett is ready to follow King’s lead and offload his shareholding which stands at just over seven per cent.

The ex-chairman is currently the club’s biggest lender after pumping millions into the club and he owns more than 34 million shares in RIFC.

He will now end his financial association with the club with a new era beckoning.

The US Consortium are looking to clinch at least 51 per cent of the shares and therefore a controlling influence in the club.

Bennett stood down as chairman of Rangers last year due to ill health, with John Gilligan stepping in as acting chair before Fraser Thornton’s appointment.

What Dave King said on Rangers takeover

“Given that the Club had made it clear that I had no further role to play I thought it would be a fitting legacy if I sought out potential investors that met my criteria and who could buy out some of the existing shareholders (such as me) who no longer have a role to play and then inject new funds to become a new anchor shareholder,” King explained.

“Such an investor would also need to be acceptable to supporters and to have the appropriate skills set to take our unique club forward. It was extremely unlikely to find such an investor in Scotland (which is why I was pulled into the regime all those years ago).

“After ‘kissing many frogs’ I finally identified two possibilities – one of which was introduced by an ex-colleague. Both met my criteria and I engaged with them accordingly.”

He added: “The initial engagement required discussions with the principals to understand why they wanted to invest, confirming proof of funds from their bankers for the level of investment I think is needed over the next few years, and establishing what a potential deal might look like.

”After the initial high-level discussions, I had an initial preferred investor so I put the other one on hold by agreement.

“I then, over a period of time, engaged with individual shareholders and directors to try to get broad consensus on a deal that might be done and that I felt I could support personally and that I thought supporters would support.

“That point was reached and more formal discussions ensued between the potential investor and the board as a collective. Discussions have proceeded in a constructive manner but a deal has not yet been finalised and the parties remain bound by confidentiality.

“Much of what has been written in the press is speculative and incorrect. At this time no deal has been concluded with any investor.”