Scottish Championship club Rangers have rejected an American financier's £18m bid to take a controlling interest in the club, on value grounds, as it seeks to avoid financial collapse.
However, the board has invited the Phoenix Suns owner to invest in the club along with other shareholders.
The Scottish Championship club added that its directors did not believe it was necessary to hold a general meeting, as Mr Sarver had proposed, to discuss the offer.
Its statement to the stock exchange said: "The Board of Rangers has considered the poss
ible offer from Robert Sarver.
"The proposal by Mr Sarver comprises a placing of 100 million shares at 18p ("Placing") which, if approved by shareholders at a general meeting, would be immediately followed by an unconditional offer at 18p pursuant to Rule 9 of the Code.
"While the Directors welcome Mr Sarver's approach, they believe that, notwithstanding the current financial difficulties, the proposal does not adequately value a controlling interest in the Company and accordingly the resolution to approve the placing is unlikely to achieve the 75% majority required.
It added: "The Directors are in discussions with Rangers' significant stakeholders with a view to arranging finance for the Club.
However, the board has invited the Phoenix Suns owner to invest in the club along with other shareholders.
The Scottish Championship club added that its directors did not believe it was necessary to hold a general meeting, as Mr Sarver had proposed, to discuss the offer.
Its statement to the stock exchange said: "The Board of Rangers has considered the poss
"The proposal by Mr Sarver comprises a placing of 100 million shares at 18p ("Placing") which, if approved by shareholders at a general meeting, would be immediately followed by an unconditional offer at 18p pursuant to Rule 9 of the Code.
"While the Directors welcome Mr Sarver's approach, they believe that, notwithstanding the current financial difficulties, the proposal does not adequately value a controlling interest in the Company and accordingly the resolution to approve the placing is unlikely to achieve the 75% majority required.
It added: "The Directors are in discussions with Rangers' significant stakeholders with a view to arranging finance for the Club.
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