The transfer of a long-held institution may involve more than capital. In some cases the formal transaction might be only the last step of a longer process.
Wikipedia's current-events log for May 6, 2011 recorded that Scottish businessman Craig Whyte completes his takeover of Glasgow Rangers. Whyte succeeded Sir David Murray, who was owner of the club for 23 years.
Aligning the Committee for a Legacy Handover
Transitioning away from a previous ownership era might represent a structural and cultural shift for an enterprise. In the weeks before a final agreement, people inside an organisation may weigh the continuity of the organization against the vision of the incoming owner.
Rangers chairman Alastair Johnston told BBC Scotland, referring to the independent committee of the Rangers board, "The committee are now much closer to viewing Craig Whyte's bid as the right one for Rangers".
One reading is that public statements like this can help manage expectations. The source does not say what role the committee had in the sale, and none is assumed here.
When an entity has been under singular control for over two decades, the organizational inertia can be substantial. Overcoming that inertia might depend partly on how a prospective buyer is viewed inside the organisation.
Perhaps an acquisition is measured not only by the contract but by how the people already involved come to see it.
Sources
- Portal:Current events/2011 May 6 (revision 431767220) - Wikipedia, 2011-05-31
- Craig Whyte's Rangers takeover back on track - Scottish, Football - The Independent - The Independent, 2011-04-29
