RangersInternational Football Club, who are the holding company for troublesomeRangers Football Club, have rejected a potential £18 million takeover fromAmerican businessman Robert Sarver.  The club shareholdershave stated that the bidder’s estimate of the club’s value is low and not acceptable.

Rangers FootballClub, who were in the Scottish Premiership in 2011, have been in a dire financialstate in the last couple of years, which eventually ended with the club’s financialcollapse in 2011 when the club went to administration. As a result, Rangerswere demoted from the Premiership and forced to play in the fourth tier ofScottish football.

With Ally McCoist appointed as their manager in 2011, theIbrox club managed to climb to the Scottish Championship; they currently sit solidsecond in the Championship and hope for promotion back to the Premier League.  However, earlierin December McCoist, the former Rangers legend who played for the club from1983-1998 and had 418 appearances, handed over his resignation but promised tostay on for a year; the resignation was prompted by a substantial salary cut.

Rangers arein 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 toprevent  getting a wind-up order.

Sarver, a 53year old from Arizona, has a majority of shares in the Phoenix Suns, an Americanprofessional basketball team based in Phoenix, Arizona.

 He also owns thePhoenix Mercury Women’s Basketball club.

Sarver iscurrently looking to potentially invest in a European football club, and wasprompted by David Robertson to look at Rangers; Robertson, a former Ranger’splayer, is now a soccer coach based in Phoenix and is coaching Mr. Sarver’ssons.

The Rangersboard, although rejected Sarver’s £18 million offer, did not completely closethe door to him – Sarver was invited to participate in meetings with otherpotential investors and shareholders. More drama yet to come from Glasgow!