- Associated Press - Monday, January 12, 2015

LONDON (AP) - Phoenix Suns owner Robert Sarver’s second bid to take over financially troubled Scottish soccer team Rangers was rejected on Monday, prompting him to curtail his interest in buying the club.

Rangers announced to the London Stock Exchange that Sarver’s offer of 20 million pounds ($30 million), including an emergency loan of 6.5 million pounds ($10 million) to ease its immediate financial concerns, was rebuffed as the board did not believe the offer would have the approval of shareholders.

In his own statement to the Stock Exchange, Sarver did not rule out returning to talks.

“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 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.”

Sarver’s opening bid of 18 million pounds ($27.4 million) was turned down last Tuesday by Rangers but he was encouraged to return with an improved offer.

The 54-time Scottish champions were demoted to the bottom tier of Scottish soccer in 2012 after a financial meltdown. They now play in Scotland’s second division.

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