Phoenix Suns owner Robert Sarver backed out of takeover talks for Scottish soccer club Rangers after having two of his offers rejected.
Sarver originally made a bid of $27.4 million for a majority stake of the club, but Rangers told Sarver that he could try different approaches to make an investment in the financially strapped team.
Sarver then upped the offer to $30 million, but the Rangers board said that it was “unlikely that the approval of shareholders holding sufficient shares would be forthcoming."
"Clearly the current directors have a different path they want to go down," Sarver said in a statement, according to the BBC. "I'm disappointed the Rangers board has rejected my revised offer, which addressed the club's immediate and long-term needs.”
Sarver’s bid also came with a $13 million loan to help solve some of the team’s short-term cash flow problems.
"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,” Sarver said.
Rangers were sent down to the bottom tier of Scottish soccer in 2012 after running into financial troubles. The Rangers currently sits in second place in the Scottish Championship Table through 20 matches.
- Scooby Axson