Scottish football club Rangers rejects take-over bid from US financier Robert Sarver despite financial crunch

Scotland's Rangers on Monday rejected a revised takeover approach from US financier Robert Sarver, saying it did not think its major shareholders would accept the deal despite the club's financial problems.

Rangers, which earlier this month accepted an emergency loan from its chairman, said it had 'rejected the offer' because it did not think the required 75 percent of shareholders would back the deal. Sarver, the owner of the Phoenix Suns basketball team, had increased his offer to 20 million pounds ($30 million) via a placing, from an original offer of 18 million pounds.

The offer also included a short-term loan of 6.5 million pounds to alleviate the club's cash problems. The 54-times Scottish champions have climbed back to the second tier after being wound up and re-formed as a fourth-tier club in 2012.