The Rangers board has rejected a takeover offer from American Robert Sarver who has an interest in the NBA side Phoenix Suns. The Suns have not done outstandingly well, but Mr Sarver is also a banker. He is chairman and chief executive of Western Alliance Bancorp. It is a small bank based in Arizona despite the rather grandiose title, but the shares have gone up 600 per cent in five years.
The Rangers board has rejected a takeover offer from American Robert Sarver who has an interest in the NBA side Phoenix Suns. The Suns have not done outstandingly well, but Mr Sarver is also a banker. He is chairman and chief executive of Western Alliance Bancorp. It is a small bank based in Arizona despite the rather grandiose title, but the shares have gone up 600 per cent in five years.
The board considered that the £18m offer under valued the club, but, in any case, given recent share acquisitions by the ‘Three Bears’ consortium and others, an acceptance was unlikely.
The Three Bears between them, including a pre-existing holding of one of them (George Taylor) own 19.5 per cent of the club, Dave King, a South African businessman and former director, bought also 15 per cent of the club last week, leading to speculation that he is cooperating with the Three Bears.
The Sarver offer really came too late. A few months ago it might well have been accepted by the board and fans.
Rangers admit that they will need a further injection of cash by the end of the month to keep afloat, but say that in the short run this is likely to come in the form of loans. Chairman Sandy Easdale had to make a crisis loan of £500,000 on Monday after the club faced the threat of a winding up order for falling behind with National Insurance contributions. This loan is secured against a player sale.
Sarver has now upped his offer to £20m including a £6.5m loan.