NBA Phoenix Suns Owner Robert Sarver "abandoned hope" of buying Scottish Championship side Rangers "after receiving a second knock back from the board of the cash-strapped" club, according to Mark Cue of the LONDON TIMES. The 53-year-old "walked away from a potential takeover after it became clear that he would not be able to garner the backing of 75 per cent of shareholder he required" to push through his £20M ($30M) takeover proposal that was rejected by the Ibrox board. With Sarver walking away from a potential takeover, the way has been paved for the Three Bears -- "a consortium of three wealthy fans, Douglas Park, George Letham and George Taylor" -- to offer a £6.5M ($9.8M) emergency loan to keep the club afloat. Sarver said, “I’m disappointed the Rangers board has rejected my revised offer, which addressed the club’s immediate and long-term needs. Clearly the current directors have a different path they want to go down. I hope for the sake of the club and the fans, who’ve been very warm and supportive towards me, that it works out" (LONDON TIMES, 1/12). In London, Roger Blitz wrote Rangers’ plight has "gathered a collection of shareholders who share the view that the club’s brand is strong enough to help it grow in value when it returns to the top tier of Scottish football." Shareholders include Sports Direct entrepreneur Mike Ashley, with 8.92%; the consortium of Taylor, Park and Letham, with 19.2 %; and South African businessman Dave King with 15% (FINANCIAL TIMES, 1/12). In Glasgow, Gregor Kyle wrote Sarver hit out at the board and said the "continued failure to provide a counter offer or engage in any meaningful negotiations" was behind his decision to walk away. That bid "was turned down by the club" Tuesday morning in a 7am statement to the London Stock Exchange, with the board stating that the proposal was "unlikely" to get the backing from shareholders (Scotland DAILY RECORD, 1/12). BLOOMBERG's Alex Duff wrote Sarver said last week he was encouraged to “take a close look” at Rangers by one of its former players, Davie Robertson, who coaches his three sons in Phoenix. He added that "he also weighed up takeovers of teams in the English Premier League and Spain" (BLOOMBERG, 1/12). SKY SPORTS reported Sarver's statement did include the caveat that he "reserves the right" to make another offer for the club within the next six months. His hopes of the required 75% vote "were badly hit last week when the Three Bears" and then King made two "surprise share purchases," handing them control of 34% of the club (SKY SPORTS, 1/12).
CONSORTIUM EDGES CLOSER: In Glasgow, Keith Jackson wrote Park and his consortium "were locked in advanced talks with the Rangers hierarchy" as they edged closer to winning the battle for control of Ibrox. The Lanarkshire-based businessman and his allies, Letham and Taylor, "are on the brink of agreeing a deal" to plough over £6M of emergency money "into the club to spare it from insolvency -- in return for two seats on the board." An announcement "is expected early this week as the current regime scrambles to secure fresh funding." And with Park and his group on the cusp of forcing their way into a position of power, directors James and Sandy Easdale "appeared to pave the way for their imminent arrival by insisting they will be welcomed into the boardroom" (DAILY RECORD, 1/12).
