Phoenix Suns owner Robert Sarver increases takeover bid for Scottish soccer club Rangers

IndustriesAssociated Press

Phoenix Suns owner Robert Sarver has increased a takeover offer for financially troubled Scottish soccer club Rangers.

Sarver announced to the London Stock Exchange that he is offering 20 million pounds ($30 million) — two million pounds ($3 million) more than an earlier rejected bid — as well as an emergency loan of 6.5 million pounds ($10 million).

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The NBA team owner says the revised proposal "addresses my desire to see the club on a solid long-term financial footing."

Rangers says it is studying the offer and is "consulting with major shareholders, to understand whether the proposal is capable of being implemented."

The 54-time Scottish champions were demoted to the bottom tier of Scottish soccer in 2012 because of a financial meltdown and now play in the second tier.