US investor Robert Sarver may bid for control of Rangers

He made his approach before Christmas but his plans could be scuppered by two groups buying large stakes since then

Click to follow

Rangers Football Club has confirmed it has received a bid approach from the US businessman Robert Sarver, the owner of the Phoenix Suns basketball franchise.

Rangers told the stock market that there was no certainty of a bid, nor were any terms disclosed, although it has been speculated that Mr Sarver has offered about £18m for a controlling stake in the club. That would be partly through a subscription for new shares in Rangers as the Glasgow-based Scottish Championship side battles to rebuild its balance sheet.

Mr Sarver, 52, has been given a deadline of 2 February by the Takeover Panel to “put up or shut up” on his potential bid.

He made his approach before Christmas but his plans could be scuppered by two groups buying large stakes since then: a consortium of three businessmen, known as the Three Bears, bought a 16 per cent stake from Laxey Partners and the South African businessman Dave King has acquired almost 15 per cent. Mike Ashley, the founder of Sports Direct and the owner of Newcastle United, still holds 8.9 per cent, which he has been told he must not increase.

Comments