Ger not get­ting us for £18m!

YANK’S VAL­U­A­TION IS TOO LOW FOR BOARD

Midweek Sport - - SPORT - By DUN­CAN McQUEEN

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.”

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