Rangers confirms takeover approach from U.S. financier.

LONDON (Reuters) - Troubled Scottish football club Rangers said on Monday it had received an approach from Robert Sarver, the owner of Phoenix Suns basketball team, which could lead to a takeover offer.

Rangers, the 54-times Scottish champions, were demoted to the fourth tier of Scottish football in 2012 due to financial difficulties. They have since earned consecutive promotions but lost their manager Ally McCoist in December after a run of poor results.

The BBC said Sarver had made an 18 million pound ($27.5 million) offer to buy a controlling stake in Rangers, but that subsequent share purchases by existing investors meant his bid was unlikely to succeed as it stands.

Statements from the stock exchange in the last week show that four backers of Rangers now own almost 35 percent of the club after they increased their holdings.

(Reporting by Kate Holton, Editing by Paul Sandle)
Culled from Yahoo News.