Rangers and Leeds United transfer talks escalate as Joe Gelhardt deal hits pause

Shared 49ers Enterprises ownership has opened a pipeline between Elland Road and Ibrox, but Hull City's interest in the forward is complicating matters.

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Add us on Google by Editorial Team Jun. 9, 2026

Rangers and Leeds United have been in intensifying negotiations over forward Joe Gelhardt this summer, but the deal has stalled. The reason: Hull City wants him too, and Hull might have the stronger pitch.

Gelhardt spent last season on loan at Hull, where he scored 15 goals across 44 appearances and played a significant role in their Championship play-off victory and subsequent promotion to the Premier League.

The 49ers connection and why it matters

Both clubs fall under the umbrella of 49ers Enterprises, the investment arm of the NFL’s San Francisco 49ers ownership group. That shared ownership structure, formalized as of 2026, has created what amounts to an internal transfer market between Glasgow and West Yorkshire.

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Paraag Marathe of 49ers Enterprises has spoken publicly about the benefits of cross-border transfer synergies between Rangers and Leeds. Marathe stepped back from the Rangers board due to UEFA’s multi-club ownership regulations, which impose strict governance rules designed to prevent conflicts of interest in European competition.

Gelhardt’s situation at Leeds

Gelhardt joined Leeds from Wigan Athletic back in August 2020 and signed a contract extension in 2022. He’s now entering the final year of that deal.

Leeds reportedly values Gelhardt at approximately £3 million. Leeds is reportedly hesitant to approve another loan deal for the forward.

Rangers have also been linked with a separate deal for Leeds striker Joel Piroe. That move is reportedly on ice as well.

What this means for all parties involved

For Leeds, the priority is resolving Gelhardt’s future before the window closes, ideally through a permanent sale. Talks between Gelhardt and the Leeds hierarchy regarding his future are expected.

For Hull City, they know the player, the player knows their system, and they’re about to compete in the Premier League. The question is whether Hull is willing to match or exceed the £3 million valuation Leeds has placed on the forward, or whether they’ll try to wait and sign him on a free next year.

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