Monday 12 January 2015 18:56, UK
Robert Sarver's latest takeover bid for Rangers has been blocked by the Scottish Championship side's board and he has now withdrawn his interest in the club.
The American financier, who owns NBA franchise Phoenix Suns, had hoped to buy a controlling stake in the cash-strapped club and recently upped his offer to a reported £20m.
Sarver had vowed to give Rangers £6.5m up front as part of a loan to see them through the rest of the month.
But the Ibrox outfit have been forced to reject Sarver's offer after deciding they do not have enough shareholder support to pass it.
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.
"I wish the club and fans the best of luck. If they want my support in the future, then they only have to ask."
Sarver's statement did include the caveat that he "reserves the right" to make another offer for the club within the next six months.
A separate statement revealed his disappointment at the Rangers board, whose "continued failure to provide a counter offer or engage in any meaningful negotiations" was behind his decision to walk away.
I hope for the sake of the club and the fans, who've been very warm and supportive towards me, that it works out.
His hopes of the required 75 per cent vote were badly hit last week when the Three Bears - wealthy supporters Douglas Park, George Letham and George Taylor - and then Dave King made two surprise share purchases, handing them control of 34 per cent of the club.
An earlier Rangers statement read: "The revised proposal by Mr Sarver was similar to the first proposal that it sought a placing of 100 million shares which would require the approval of shareholders at a general meeting.
"The board of Rangers rejected the first proposal from Mr Sarver on January 6 on the basis that the board felt it was unlikely that the approval of shareholders holding sufficient shares would be forthcoming.
"Following receipt of the revised proposal, the board sought the views of a number of major shareholders and has reached the same conclusion, namely that the resolution to approve the placing is unlikely to achieve the 75 per cent majority required.
"Accordingly, once again, the directors do not intend to hold the General Meeting which would be necessary to implement the revised proposal."
