Rangers Searching For January Cash

Crisis-hit Rangers admit they will need to borrow yet more cash before the month is out.

The troubled Ibrox outfit admitted in their accounts last month that they are £8 million from safety and have until April 1 to find the cash.

But now the Light Blues' board say they will have to find new income before the end of January if they are to survive.

Just six days into 2015, the club has already been forced to sell off highly-rated youngster Lewis Macleod to Brentford for just £850,000 and take a £500,000 loan out from football board chairman Sandy Easdale.

Despite the possibility of a second administration disaster in three years, an #18million takeover bid from US financier Robert Sarver was turned down after the board claimed his offer was not big enough.

However, the board have urged the owner of NBA side Phoenix Suns to help them out with more loans.

In a statement issued to the Stock Exchange on Tuesday morning, the directors said: "The Company is managing its cash resources carefully and will require further funding before the end of January. The Directors are in discussions with Rangers' significant stakeholders with a view to arranging finance for the Club.

"This is likely to comprise loans in the short term and possibly equity in the medium term. The board has invited Mr Sarver to consider participating in a similar discussion alongside other supportive shareholders.''

Rangers rejected Sarver's bid despite the American claiming he has the "resources and ability to get this club back to its elite level''.

The recent purchases of almost 34 per cent of the club by former oldco director Dave King and the Three Bears group - wealthy fans Douglas Park, George Letham and George Taylor - effectively scuppered his takeover attempt.

The board voted down its own resolution nine at last month's AGM to allow shares to be handed to new investors without first being offered to existing shareholders.

That meant Sarver's bid would require the support of 75 per cent of the club's stakeholders.

But he insisted he would have been a force for good at Ibrox.

In a separate Stock Exchange notice, the CEO of New York Stock Exchange-listed Western Alliance Bancorporation outlined his hopes for Rangers, saying: "I'd be the first to admit that I'm not a lifelong Rangers supporter, but anyone who knows me is aware that I'm a genuine sports fanatic and owning two major basketball franchises for the past decade has been an enormous privilege.

"I've spent the vast majority of my career in public companies and I'm used to working in very highly regulated environments. I understand the crucial importance of business integrity and transparency.

"Rangers fans have every right to be wary about someone showing an interest in the club they love, especially given some of the events of recent years.

"First and foremost I believe what the club needs today is a very quick, major injection of capital to stabilise things and I can give the Rangers supporters a categorical assurance that I have the resources and ability to get this club back to its elite level.

"I've had detailed research carried out on Rangers and I'm convinced that we could take it back to the top of the Scottish game on a stable and sustainable basis.''