Robert Sarver, the American banker who has been bidding for a controlling stake in Rangers FC, has pulled out of takeover talks with the club after his second bid was rejected
The 53-year-old had offered £20 million for the majority stake in the Scottish Championship side but the second offer was rejected because the club did not believe it could get the backing of enough shareholders to accept the deal.
Sarver, who also owns NBA franchise Phoenix Suns, had his first offer of £18 million rejected on January 6 after being told that it did not meet the valuation of the club.
In a statement released today, Sarver said: "Clearly the current directors have a different path they want to go down. I'm disappointed the Rangers board has rejected my revised offer, which addressed the club's immediate and long-term needs.”
"I hope for the sake of the club and the fans, who've been very warm and supportive towards me, that it works out. I wish the club and fans the best of luck. If they want my support in the future, then they only have to ask."
Rangers had declined to release comments in the wake of the rejection of Sarver’s first offer but have since clarified to the Stock Exchange the details behind the second rejection.
"The board of Rangers rejected the first proposal from Mr Sarver on 6 January on the basis that the board felt it unlikely that the approval of shareholders holding sufficient shares would be forthcoming."
Part of Sarver’s offer had been to offer the club an emergency £6.5 million loan to help with the cash-flow problems that have restricted investment in the past – but the club will now have to look elsewhere for financial help after Sarver’s withdrawal from talks.