Phoenix Suns owner Sarver has Rangers takeover bid rejected

GLASGOW, Scotland (AP) Phoenix Suns owner Robert Sarver has had an initial takeover offer for financially troubled Scottish soccer club Rangers rejected.

Sarver made a bid of 18 million pounds ($27.4 million) for the team. Rangers announced in a statement to the London Stock Exchange that while it was turned down, he has been encouraged to explore different avenues to make an investment because the club needs extra funding before the end of January.

”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,” Rangers said. ”The directors are in discussions with Rangers’ significant stakeholders with a view to arranging finance for the club. The board has invited Mr. Sarver to consider participating in a similar discussion alongside other supportive shareholders.”

On Monday, the Scottish team received a 500,000 pound ($760,000) loan from Rangers board chairman Sandy Easdale.

Sarver said in a separate Stock Exchange notice that he believes his backing would help the second-tier team return to the top division of Scottish football, which it has won 54 times.

”I believe what the club needs today is a very quick, major injection of capital to stabilize things and I can give the Rangers supporters a categorical assurance that I have the resources and ability to get this club back to its elite level,” Sarver said.