Sarver had proposed an 18 million pound offer for a controlling stake in Rangers via a share placing and was prepared to stump up more cash to buy out any remaining investors to take full control of the club.
On Monday Rangers accepted an emergency loan of 500,000 pounds from its chairman to remain afloat for another few days but has said it will need further funding before the end of January.
The 54-times Scottish champions said it welcomed Sarver's approach but believed it undervalued a controlling interest in the company and that a resolution to approve the placing was unlikely to be sufficiently backed.
Rangers, who have climbed back to the second tier after being wound up and re-formed as a fourth-tier club in 2012, said on Tuesday it was talking to shareholders, which include Sports Direct founder and Newcastle United owner Mike Ashley, about arranging short term loans and equity in the medium term.
Other large shareholders include Dave King - a former Rangers director – and the Three Bears consortium comprising other wealthy backers, who have recently bought up stakes in the club.
Sarver, whose interest in Rangers came from a conversation with one of its former players, Davie Robertson, had been invited to participate in similar discussions, the club said.
(Reporting by Neil Maidment; editing by Kate Holton)
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