Phoenix Suns owner Robert Sarver makes fresh Rangers proposal

Phoenix Suns owner Robert Sarver has made a revised £20m proposal to the Rangers board for a majority shareholding in the club.

The Gers revealed earlier this week that an £18m bid by the American banker had been rejected as "the proposal does not adequately value a controlling interest".

Sarver's latest offer, which was revealed by the Scottish Championship side to the London Stock Exchange this morning, will now be considered.

The statement read: "Further to the announcement on January 6 by the board of Rangers International Football Club plc of their rejection of his initial proposal, Robert Sarver confirms that he has made a revised proposal to the board.

"The revised proposal involves investing up to £20m for a majority shareholding by way of a placing of new ordinary shares in Rangers at 20 pence per share ("Placing") followed, if the Placing is completed, by a mandatory offer for the remaining issued and to be issued ordinary share capital under Rule 9 of the City Code on Takeovers and Mergers ("Code") at 20 pence per share.

"As part of the revised proposal £6.5m would be made available to Rangers in immediate short-term funding by way of a secured loan to be repaid in 90 days or out of the proceeds of the Placing. Nothing in this announcement constitutes an announcement of a firm intention to make an offer for the purposes of Rule 2.7 of the Code and there can be no certainty that any offer will be made."

Sarver commented: "This revised proposal hopefully helps the board deal with its short-term cashflow crunch and also addresses my desire to see the club on a solid long-term financial footing. I look forward to receiving the response of the Rangers board."

Newcastle United owner Mike Ashley's attempt to increase his 9% share in Rangers to 29.9% last month was refused by the Scottish Football Association.