Phoenix Suns owner walks away from Rangers FC interest after latest bid rejected

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He raised his bid to $30 million, but Phoenix Suns owner Robert Sarver was again rebuffed in his attempts to buy troubled Rangers FC.

And he’s about done with the club.

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The Associated Press reports that “the board felt it unlikely that the approval of shareholders holding sufficient shares would be forthcoming” in turning down Sarver’s bid. As part of his purchase, he was willing to give Rangers nearly $10 million in emergency loan funds.

So he’s out… kind of.

From the BBC:

“Clearly the current directors have a different path they want to go down,” Sarver said in a statement.

“I’m disappointed the Rangers board has rejected my revised offer, which addressed the club’s immediate and long-term needs,” added Sarver, who owns the Phoenix Suns basketball team.

“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.”

To paraphrase and inject a little more emotion: “Look, I have the dough, but these backwards guys and their backwards board just don’t want my help. So lemme know when you’re ready to look like a club that won the European Cup Winners’ Cup.”

Rangers are comfortably in the Scottish Championship’s second slot, 13 points behind automatic promotion but eight points ahead of third place Hibs. They were demoted to the fourth tier of Scotland in 2012 after financial issues that continue to haunt the 54-time first-tier champs.