Troubled Scottish soccer club Rangers today said it had rejected a possible takeover offer from Robert Sarver, the owner of the Phoenix Suns basketball team, as it did not adequately value a controlling interest in the club.
Sarver had proposed an £18m offer for a controlling stake in Rangers via a share placing.
Rangers yesterday accepted an emergency loan of £500,000 from its chairman to remain afloat for another few days but has said it will need further funding before the end of January.
The 54-times Scottish champions said it welcomed Sarver's approach but believed it undervalued a controlling interest in the company and that a resolution to approve the placing was unlikely to be sufficiently backed.
Rangers said today it was in talks with its major shareholders, which includes Sports Direct founder and Newcastle United owner Mike Ashley, about arranging short term loans.
Other large shareholders include Dave King - a former Rangers director - and the Three Bears consortium comprising other wealthy backers. Sarver had been invited to participate in similar discussions, Rangers added.
