Rangers Reject £18m Takeover Offer

Scottish Championship club Rangers have rejected an £18m takeover offer from American NBA franchise owner Robert Sarver, adding that it undervalues the Ibrox outfit.

However, the board has invited the Phoenix Suns owner to invest in the club along with other shareholders.

Sarver purchased a majority ownership in the Phoenix Suns’ National Basketball Association franchise in 2004 and also owns the Phoenix Mercury women’s basketball club.

Rangers revealed that his plan for the Glasgow club involved buying 100 million shares at 18p per share – below the current share price of 26p.

The announcement follows the news that football chairman Sandy Easdale loaned the club £500,000 to avoid a winding-up order – and Rangers admits that it will require further funding by the end of January.

A statement to the Stock Exchange said: “The directors are in discussions with Rangers’ significant stakeholders with a view to arranging finance for the club.

“This is likely to comprise loans in the short term and possibly equity in the medium term.

“The board has invited Mr Sarver to consider participating in a similar discussion alongside other supportive shareholders.

“While the directors welcome Mr Sarver’s approach, they believe that, notwithstanding the current financial difficulties, the proposal does not adequately value a controlling interest in the company.”