Rangers International Football Club, who are the holding company for troublesome Rangers Football Club, have rejected a potential £18 million takeover from American businessman Robert Sarver.  The club shareholders have stated that the bidder’s estimate of the club’s value is low and not acceptable.

Rangers Football Club, who were in the Scottish Premiership in 2011, have been in a dire financial state in the last couple of years, which eventually ended with the club’s financial collapse in 2011 when the club went to administration. As a result, Rangers were demoted from the Premiership and forced to play in the fourth tier of Scottish football.

With Ally McCoist appointed as their manager in 2011, the Ibrox club managed to climb to the Scottish Championship; they currently sit solid second in the Championship and hope for promotion back to the Premier League.  However, earlier in December McCoist, the former Rangers legend who played for the club from 1983-1998 and had 418 appearances, handed over his resignation but promised to stay on for a year; the resignation was prompted by a substantial salary cut.

Rangers are in need of imminent emergency funds and require investor by the end of January. The club chairman Sandy Easdale helped in the interim – he provided a £0.5 million loan to the club to prevent  getting a wind-up order.

Sarver, a 53 year old from Arizona, has a majority of shares in the Phoenix Suns, an American professional basketball team based in Phoenix, Arizona.  He also owns the Phoenix Mercury Women’s Basketball club.

Sarver is currently looking to potentially invest in a European football club, and was prompted by David Robertson to look at Rangers; Robertson, a former Ranger’s player, is now a soccer coach based in Phoenix and is coaching Mr. Sarver’s sons.

The Rangers board, although rejected Sarver’s £18 million offer, did not completely close the door to him – Sarver was invited to participate in meetings with other potential investors and shareholders. More drama yet to come from Glasgow!