LONDON (AP) -- Phoenix Suns owner Robert Sarver's second bid to take over financially troubled Scottish soccer team Rangers has been rejected.
Rangers announced to the London Stock Exchange on Monday that Sarver's offer of 20 million pounds ($30 million) was rebuffed because "the board felt it unlikely that the approval of shareholders holding sufficient shares would be forthcoming."
Sarver's opening bid of 18 million pounds ($27.4 million) was turned down last week by Rangers but he was encouraged to return with an improved offer.
The 54-time Scottish champions were demoted to the bottom tier of Scottish soccer in 2012 after a financial meltdown. They now play in Scotland's second division.