Sarver kicks off Rangers debate with a new bid
AMERICAN multi-millionaire Robert Sarver yesterday returned with a new £20m offer for Rangers, after the Scottish football club rebuffed his first £18m approach on Wednesday.
The new proposal is for a majority stake in the once-unassailable Glasgow club and comprises a new share placing worth 20p a share. As part of the offer, Sarver will provide Rangers with a £6.5m short-term loan to pay off its sizeable debts.
Sarver, who owns the Phoenix Suns basketball team and is chief executive of the £10bn Western Alliance Bancorporation, said in a statement: “This revised proposal hopefully helps the board deal with its short-term cashflow crunch and also addresses my desire to see the club on a solid long-term financial footing. It would also enable Rangers to repay the loans from Mike Ashley and Sandy Easdale, and free it of debt.
“I know, of course, that there are various groups of prominent fans who have been working hard for a long time to bring change to the club and they can rest assured that, if my proposal is accepted, I am committed to building a strong partnership with fans and key stakeholders to do what is best for the club. I look forward to receiving the response of the Rangers board.”
Rangers’ board said it was studying the revised proposal and was consulting with major shareholders to “understand whether the proposal is capable of being implemented”.