The Rangers board have rejected an increased £20m takeover bid from Phoenix Suns owner Robert Sarver.
The Scottish Championship outfit have already turned down an £18m offer from the American NBA team owner as he bids to secure a majority stake in the club.
A statement from Rangers to the Stock Exchange read: "The board of Rangers rejected the first proposal from Mr Sarver on January 6 on the basis that the board felt it unlikely that the approval of shareholders holding sufficient shares would be forthcoming.
"Following receipt of the revised proposal from Mr Sarver, the board has sought the views of a number of major shareholders on this revised proposal and has reached the same conclusion, namely that the resolution to approve the placing is unlikely to achieve the 75% majority required."
Newcastle United owner Mike Ashley currently has a 9% share in the club.
