Rangers turn down Robert Sarver's £20m takeover bid

American Sarver, who owns the Phoenix Suns basketball team, had offered £20m for a majority stake in the Championship club.


But Rangers rejected the deal on the basis that they did not believe it would receive the backing of enough of the club's shareholders.

His original £18m offer was turned down on 6 January, with the Rangers board insisting the bid undervalued the club.

In rejecting Sarver's latest offer, a Rangers statement to the Stock Exchange emphasised the same problems it raised with the first offer.

"The revised proposal by Mr Sarver was similar to his first proposal in the respect that it sought a placing of 100 million shares (to be priced at 20p in this proposal) which would require the approval of shareholders (at least a 75% majority) at a general meeting," it said.

"The board of Rangers rejected the first proposal from Mr Sarver on 6 January on the basis that the board felt it unlikely that the approval of shareholders holding sufficient shares would be forthcoming."

A survey of the views of "a number of major shareholders" on the revised proposal had suggested it too was unlikely to receive the backing required, the club added.

As part of Sarver's £20m offer, the 53-year-old was willing to hand the club an emergency £6.5m loan to help alleviate their cash-flow problems.

Sarver has owned the Phoenix Suns since 2004 and is chief executive officer of the Western Alliance Bancorporation.

He is reported to have been alerted to the situation at Ibrox by former Rangers left-back David Robertson, who now coaches his three sons.


Source: BBC Sport