International

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

 

Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.
Live Video Streaming
Video Highlights
Sport Talk

 
 
Men
Women
Love 2 Meet
Sport24 on Twitter

Follow Sport24 news on Twitter

Featured

The 2018/19 Absa Premiership season is in full swing. Will Mamelodi Sundowns retain their title? Or can one of Kaizer Chiefs, Orlando Pirates, Wits, SuperSport United - or another team perhaps - snatch glory from the Brazilians? Be sure to visit Sport24 for all the latest news!

Latest blogs
Vote

After slow starts to their respective 2018/19 Absa Premiership campaigns, who will finish the season ranked higher?

Twitter Follow Sport24 on Twitter

Facebook "Like" Sport24's Facebook page

WIN Enter and win with Sport24!

BlackBerry Stay in the loop on your BlackBerry

RSS Feeds Sport news delivered really simply.

 
There are new stories on the homepage. Click here to see them.