January 7 – Scottish giants Rangers, striving to edge slowly back to the top flight of domestic football after being totally revamped and starting again in the lower leagues because of soaring debts, have assured the authorities and their followers that they are not heading back into the abyss despite ongoing financial troubles.
News of a late tax bill and the club revealing in a statement to the Stock Exchange that they required fresh funding by the end of January has rekindled talk of a crisis.
On Tuesday, Rangers International Football Club rejected an £18 million buyout offer from American banker Robert Sarver (pictured), insisting his bid undervalued the Championship outfit.
Twenty-four hours earlier, however, Rangers’ football chairman Sandy Easdale loaned the club £500,00 to avoid a winding up order
“The directors are in discussions with Rangers’ significant stakeholders with a view to arranging finance for the club,” said the Stock Exchange statement.
“This is likely to comprise loans in the short term and possibly equity in the medium term. The board has invited Mr Sarver to consider participating in a similar discussion alongside other supportive shareholders.”
Sarver purchased a majority ownership in the Phoenix Suns’ National Basketball Association franchise in 2004 and also owns the Phoenix Mercury women’s basketball club.
Rangers revealed that his plan involved buying 100 million shares at 18p per share – below the current share price of 26p.
“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,” said the RIFC statement.
“And, accordingly, the resolution to approve the placing is unlikely to achieve the 75% majority required. “The directors do not intend to hold the general meeting, which would be necessary to implement the proposal.”
In a separate Stock Exchange statement, Sarver stressed that his approach for Rangers was serious.
“First and foremost, I believe what the club needs today is a very quick, major injection of capital to stabilise things and I can give the Rangers supporters a categorical assurance that I have the resources and ability to get this club back to its elite level,” he said.
“I’ve had detailed research carried out on Rangers and I’m convinced that we could take it back to the top of the Scottish game on a stable and sustainable basis.”
Sarver’s interest was reportedly ignited by a conversation with former Rangers defender David Robertson, who is now based in Arizona. Robertson, who played 245 times for Rangers over six seasons and was part of the side that won nine league titles in a row, was quoted as saying: “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 again.”
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