London: Rangers have rejected a £20-million (26-million euro, $30-million) takeover bid from the owner of the Phoenix Suns basketball side, Robert Sarver, the Scottish club announced on Monday.
The US businessman had upped his offer for the troubled club last week from an initial bid of £18 million and was also holding out the possibility of a £6.5-million loan.
"Once again the directors do not intend to hold the general meeting which would be necessary to implement the revised proposal," the club, which is listed on the London Stock Exchange, said in a statement.
It said it was "unlikely that the approval of shareholders holding sufficient shares would be forthcoming".
The Glasgow club are currently without a permanent manager after Ally McCoist resigned last month.
The 54-time Scottish champions were relegated to the fourth tier of Scottish football in 2012 after going into administration.
They are currently in second place in the second-tier Championship, 13 points behind leaders Hearts.