Sarver ends Rangers bid

2015-01-12 17:30
Rangers Football Club

London - American financier Robert Sarver walked away from a potential takeover of soccer club Rangers on Monday after the Scottish side rejected his revised takeover proposal.

Rangers, which last week took an emergency loan from its chairperson and has said in order to stay afloat it would need further funding beyond January, had rejected Sarver's offer because it did not think the required 75% of shareholders would back it.

Sarver, owner of the Phoenix Suns basketball team, had raised his offer to £20m for a controlling stake from an original offer of £18m.

The offer, which would have required the approval of investors at a general meeting, also included a short-term loan of £6.5m to alleviate the club's cash problems.

The 54-times Scottish champions, who have climbed back to the second tier after being wound up and re-formed as a fourth-tier club in 2012, had rejected Sarver's first approach for similar reasons.

Read more on:    rangers  |  soccer

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