Lalit Modi is keen to buy a stake in Glasgow Rangers. BBC reported the former IPL commissioner is eyeing a 26% share in Rangers. In a statement issued on Twitter, Modi said: “Yes I am looking at acquiring a stake in this Scottish institution, as I think the club is seriously undervalued. The Glasgow Rangers have a fabulous fan base, a solid home and heritage that dates back over 100 years all of which make for great long term value. I have thus initiated talks with a couple of shareholders to understand the situation onground and am keen that these discussions lead to fruition. Having said that these discussions are still at a very preliminary stage.”

Once the pride of British football, Rangers had dwindled into ignominy in recent years after it was sent to the fourth tier following financial mismanagement. They have moved up to the second tier of the Scottish League in subsequent years and are second in the Championship, 16 points adrift of Hearts, having played two games less.

Only the league winner progresses directly to the Premier League while the second and third placed teams take part in a play-off and the winner takes on the bottom-placed team from the top tier for a place in the premier division.

Reports suggested Modi’s representatives had made contact with Rangers’ chairman Sandy Easdale, this week and a price has already been discussed.

Rangers had won 54 Scottish Premier League titles and 33 Scottish Cups, besides 27 Scottish League Cups. They had also won the European Cup Winners’ Cup once and had finished runners-up in the UEFA Cup in 2007-08.

Last month Rangers board had rejected US banker Robert Sarver’s bid to buy controlling stake in the club. Reports claimed the majority owner of NBA franchise Phoenix Sons had proposed a £20 million takeover of the club, but it was turned down by the stakeholders.