Robert Sarver has upped his Rangers takeover bid to £20 million and offered the crisis-hit club a £6.5m emergency loan to help keep it afloat in the meantime.

The US financier had an £18m offer rejected on Tuesday despite the Ibrox board announcing it was dangerously short on cash.

Now the owner of the Phoenix Suns in the NBA says he is willing to provide cash to pay off loans already taken out in recent weeks if the club accepts his new revised offer.

He also hinted he would be willing to continue working with former Oldco director Dave King and the Three Bears - wealthy fans Douglas Park, George Letham and George Taylor - who have both bought significant stakes in the past week.

In a statement given to the Stock Exchange, the 53-year-old Sarver said: "This revised proposal hopefully helps the board deal with its short-term cashflow crunch and also addresses my desire to see the club on a solid long-term financial footing.

"It would also enable Rangers to repay the loans from Mike Ashley and Sandy Easdale, and free it of debt.

"I know, of course, that there are various groups of prominent fans who have been working hard for a long time to bring change to the club and they can rest assured that, if my proposal is accepted, I am committed to building a strong partnership with fans and key stakeholders to do what is best for the club.

"I look forward to receiving the response of the Rangers board."

Sarver wants to buy a majority shareholding in the club, who require £8.3million by 1 April to stay in business, by way of new shares and will then make a bid to buy out the remaining shareholders at 20p a share.

The CEO of the USD 10 billion Western Alliance Bancorporation has already provided proof of funds to the club, although their stock exchange statement notes that "there can be no certainty that any offer will be made".

However, it still remains unlikely that he will be able to get the support needed to have his bid accepted.

The Rangers board voted down its own resolution nine at the last month's AGM, which would have allowed it to issue fresh shares to new investors without first offering them to existing stakeholders.

Any move to issue fresh equity, therefore, requires 75 per cent shareholder approval, but, with King and the Bears now in control of around 34 per cent and determined to protect the club for the fans, that may prove too great a hurdle.

The Mike Ashley factor could also remain decisive with the Newcastle United owner positioned strongly at Ibrox after placing his associates Derek Llambias and Barry Leach onto the board.

Rangers have yet to repay the £3million loan the Sports Direct tycoon gave the club last year while he has also tightened his grip on the club's retail division.

However, Sarver insists he will provide a steady stream of cash to the club if his bid is successful.

In an additional statement issued by his Scottish media relations advisor, he said: "If the board agrees to my proposal, I would provide a total of £16.4million to £20 million to be invested in the club as the board determines - £6.5m immediately and the remainder following a share issue, taking the major step necessary to restore financial stability to the club."

Sarver, who was alerted to the situation at Ibrox by former Light Blues defender Davie Robertson, added: "I know, of course, that there are various groups of prominent fans who have been working hard for a long time to bring change to the club and they can rest assured that I am committed to building a strong partnership with fans and key stakeholders to do what is best for the club.

"I fully realise that a strong sports club needs local investment, local directors and local support to be successful.

"I've received messages of support from many Rangers fans and really appreciate their good wishes - even if sometimes I don't immediately get their Scottish sense of humour!

"After everything they have been through in recent years, I understand some are rightly cautious about a guy they've never heard of wanting to get involved in their club. I'd feel exactly the same way.

"But hopefully I can combine my financial resources and knowledge of professional sport with strong local leaders and top-notch management to bring Rangers back to elite level."

Meanwhile, Rangers have also confirmed they have repaid the £500,000 loan issued by Easdale on Monday after Brentford paid the first instalment on their £850,000 purchase of midfielder Lewis Macleod.