Ger not getting us for £18m!
YANK’S VALUATION IS TOO LOW FOR BOARD
RANGERS have rejected Robert Sarver’s £18million takeover bid, despite the American banker claiming he has the “resources and ability to get this club back to its elite level”.
The owner of the NBA side Phoenix Suns wanted to buy a controlling stake in the crisis club.
But he was knocked back on the basis his offer does not “adequately value a controlling interest in the company”. The recent purchases of almost 34 per cent of the club by former oldco director Dave King and the Three Bears group – wealthy fans Douglas Park, George Letham and George Taylor – had made any move highly unlikely.
And in a statement to the Stock Exchange, the club’s directors confirmed their rejection of the Sarver proposal.
The club recently announced they had taken a £500,000 loan from football board chairman Sandy Easdale to stop a winding-up order being issued. And they have admitted they will need even more before the end of the month if they are to continue operating.
Sarver made his offer just after Christmas after being encouraged to take a look at the ailing Glasgow giants by former Ibrox defender David Robertson – now a successful youth football director in Arizona.
Sarver said: “First and foremost, I believe what the club needs is a very quick, major injection of capital to stabilise things.
“I can give the fans a categorical assurance that I have the resources and ability to get this club back to its elite level.” Robertson added:
SCO “I’ve known Robert for several years. He has been very supportive of our local club and has a very good reputation in the US.
“I can tell every Rangers fan in Scotland and abroad, if Robert Sarver is successful in becoming part of the club, he’ll not rest until they are back on top.’’
The Stock Exchange statement from the Rangers board read: “The proposal by Mr Sarver comprises a placing of 100 million shares at 18p which, if approved by shareholders at a general meeting, would give Mr Sarver control of Rangers. While the directors welcome Mr Sarver’s HIGH HOPES: Robert Sarver is convinced he can take Rangers back to the top of Scottish
football approach, they believe that the proposal does not adequately value a controlling interest in the company.
“The directors therefore do not intend to hold a general meeting to implement the proposal.
“The company is managing its cash resources carefully and will require further funding before the end of January. The directors are in talks with significant stakeholders with a view to arranging finance.
“The board has invited Mr Sarver to consider participating in a similar discussion alongside other supportive shareholders.”