The City roundup video: Rangers reject takeover bid

Video: Oscar Williams-Grut provides a run-down of the day's major news from the City

Ibrox Stadium. (Ian MacNicol | Getty Images)

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Rangers are playing hard to get - the Scottish football club has rejected an £18 million-plus takeover bid from US businessman Robert Sarver, saying it undervalues the club.

But Rangers have said they will welcome any financial support Sarver can give them, with cash at the club likely to run out before the end of the month.

Sarver, who owns US basketball franchise the Phoenix Suns, said he is “the first to admit” that he’s not a lifelong Rangers supporter but said he is “a genuine sports fanatic” and is convinced he can bring the club back to the top of the Scottish league. Negotiations are set to continue.