Monday 5 January 2015 11:44, UK
Robert Sarver, the majority owner of the Phoenix Suns NBA basketball team, has made an approach to Rangers which may lead to an offer being made for the company.
Sarver is understood to have initially contacted the Rangers board last month with a view to an £18m offer for control of the club and the news was confirmed in a statement released to the Stock Exchange on Monday.
The Rangers statement read: "The Company notes recent press speculation and confirms that it has received an approach from Robert Sarver (or a vehicle to be established and controlled by him) ("Mr Sarver") that may or may not lead to an offer being made for the Company.
"There can be no certainty that an offer will be made, nor as to the terms on which an offer may be made. A further announcement is expected shortly."
The statement added that Sarver must make an offer or withdraw his bid by 5pm on February 2.
The confirmation of the approach came as Rangers revealed they had secured a loan of up to £500,000 from shareholder and football club chairman Sandy Easdale.
His loan will be secured on future income from the recent sale of Lewis Macleod to Brentford. The midfielder went for an undisclosed fee that was reported as £1m.
A separate statement to the Stock Exchange read: "The company is pleased to announce that it has entered into a short term credit facility for up to £0.5m.
"The facility is being provided by Alexander Easdale, a shareholder in the company and director of The Rangers Football Club Limited, the wholly owned subsidiary of RIFC. The facility will be used by the company for general working capital purposes over the next few days.
"Alexander Easdale will make available to the company up to £500,000 on a fee and interest free basis and it will be secured against the income from the sale of player announced on 2 January 2015."
A spokesman for Sandy and James Easdale, who has a seat on the plc board, declared the latest loan had been the only option for Rangers.
Jack Irvine, an Easdale family adviser, said: "Once again Sandy has stepped up to the plate with this half million pound loan from his own pocket. Whilst we welcomed the recent share purchases by Dave King and Douglas Park and his consortium, this unfortunately did not put any funds into the club.
"Sandy was the only option for this cash injection at such short notice. The Easdale family remain totally committed to achieving a satisfactory financial future for Rangers and they hope all parties can work together in the future with that common goal."
Sarver, 53, has also held discussions with Rangers' Three Bears consortium about investing in the club, Sky Sports News HQ understands.
The Three Bears consortium, which is made up of businessmen Park, George Letham and George Taylor, purchased a 16 per cent stake in Rangers earlier this week.
They are now believed to be considering working with Sarver as part of their attempt to increase their influence at the club.
But the battle for control of the Ibrox boardroom remains a complicated one.
Former director King followed the Three Bears group in buying up significant tranches of equity and now holds a 14.57 per cent share.
King had previously been part of a consortium alongside Letham and Taylor, which, in October, offered £16m of investment in return for a controlling interest but that deal was rejected in favour of a £2m loan from Mike Ashley.
Rangers International Football Club chairman David Somers revealed that the trio could not provide sufficient information on the availability of their funds or identity of investors.
Newcastle chief Ashley owns nearly nine per cent of shares but he was also thwarted in an attempt to increase his shareholding to 29.9 per cent, with the Scottish Football Association "unanimously" declining his proposal just before Christmas.
Sources close to the Three Bears say there are “no concerns” about any potential allegations of a 'concert party' agreement between their consortium and King’s.
The two groups together control around 34 per cent of Rangers shares but stock market takeover panel rules dictate that any consortium owning more than 29.9 per cent of shares must make an official offer to purchase the rest of the company.
