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, the club has announced to the Stock Exchange.
ESPN.com sources confirmed on Sunday a BBC Sports report in Scotland that Sarver has lodged a bid of 18 million pounds ($27.5 million) to purchase a controlling stake in the Scottish side -- and on Monday the club affirmed the interest from the 53-year-old.
"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,'' Rangers said.
"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 5 p.m. on Feb. 2.
One source briefed on the process told ESPN.com that if successful in securing majority control, Sarver is "looking to invest a significant amount of capital" into Rangers in an attempt to help restore the club to their top-division status in Scotland and resuscitate their storied Old Firm rivalry with Celtic, which ranks as one of the most passionate derbies in the sport.
Sources told ESPN.com that Sarver's interest in the Glasgow club was initiated by former Rangers and Scotland defender David Robertson, who now resides in the Phoenix area and has coached Sarver's sons in youth football
Last week, oldco director David King followed the Three Bears group of Douglas Park, George Letham and George Taylor in buying up significant tranches of equity.
King now holds a 14.57 percent share, while Park, Letham and Taylor are responsible for 19 percent.
To take control of the club at least 75 percent of shareholders would have to agree to new shares being issued to a non-shareholder at a general meeting, after resolution nine was defeated at the annual general meeting in December.
Information from Marc Stein's report was used in this story.