Glasgow Rangers brand takeover bid as 8220 undervaluing 8221 club

Rangers International Football Club (RIFC) has branded an £18 million takeover bid as something which "undervalues" the club.

American Robert Sarver, owner of the Phoenix Suns basketball team, has seen his bid to purchase a controlling stake in the Scottish Championship club rejected by the board. However, Rangers directors have invited Mr Sarver to invest in the Ibrox outfit alongside other shareholders.

Mr Sarver looked to takeover the Glasgow club by purchasing 100 million shares at 18p per share, below the current value of 26p. The businessman stressed in a statement to the Stock Exchange that his approach for Rangers was a serious one. He explained that his decision had been inspired by a conversation with former Gers defender David Robertson, who is based in Arizona, who encouraged him to look at a possible purchase of the club.

The Phoenix Suns owner said: "First and foremost, I believe what the club needs today is a very quick, major injection of capital to stabilise 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.

"I'm looking forward to building a consensus amongst supporters and prominent Rangers-minded figures who have the long-term success of the club at heart."

RIFC confirmed that the club will need more funds to avoid a winding-up order and stave off another administration. The club recently received a £500,000 loan from football chairman Sandy Easdale to aid with running costs and it is now appealing for more investors. Among the current shareholders is Sports Direct founder and Newcastle United owner Mike Ashley.

Mr Ashley has already loaned Rangers £2 million and recently saw his Sports Direct executive Barry Leach join the club as finance directors. Derek Llambias, another of Mr Ashley's associates, has been installed as chief executive at Ibrox.

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