Rangers has rejected an American financier's £18m bid to take a controlling interest in the club, on value grounds, as it seeks to avoid financial collapse.
Robert Sarver, behind the Phoenix Suns basketball team, had offered an additional sum to buy out existing shareholders should a deal have been agreed.
The Scottish Championship club added that its directors did not believe it was necessary to hold a general meeting, as Mr Sarver had proposed, to discuss the offer.
Its statement to the stock exchange said: "The Board of Rangers has considered the possible offer from Robert Sarver.
"The proposal by Mr Sarver comprises a placing of 100 million shares at 18p ("Placing") which, if approved by shareholders at a general meeting, would be immediately followed by an unconditional offer at 18p pursuant to Rule 9 of the Code.
"The Placing would give Mr Sarver control of Rangers.
While the Directors welcome Mr Sarver's approach, they believe that, notwithstanding the current financial difficulties, the proposal does not adequately value a controlling interest in the Company and accordingly the resolution to approve the placing is unlikely to achieve the 75% majority required.
"The Directors do not intend to hold the General Meeting which would be necessary to implement the proposal.
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, demoted to the fourth tier of Scottish football in 2012 because of financial difficulties, has struggled ever since to return to financial strength despite the team recovering to a current second in the Championship.
Only yesterday the club accepted an emergency loan of £500,000 from its chairman Sandy Easdale to remain afloat.
Other major shareholders include Sports Direct founder and Newcastle United owner Mike Ashley, who has already provided sizeable loans, but his interests in the club remain subject to strict rules on dual-ownership.
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