American businessman Bill Miller has withdrawn his bid for Rangers.
Miller was named preferred bidder by administrators Duff and Phelps last Thursday over a rival offer from the Blue Knights and Brian Kennedy.
However, the trucking tycoon has confirmed to the Press Association this afternoon he has now withdrawn his offer to take over the stricken Glasgow giants.
Rangers administrators have confirmed three other bidders have expressed an interest in buying the club after Miller withdrew his offer.
David Whitehouse, joint administrator, said: “As a consequence of Mr Miller’s bid being accepted, three other bidders have come forward to express their interest in buying the club and these offers are being evaluated with the utmost urgency.”
Administrators opted for Miller's £11.2m bid over a rival offer from Sale Sharks owner Brian Kennedy and the Blue Knights consortium.
The American had been hopeful of completing his takeover by the end of the season, albeit he was seeking clarification over sanctions imposed on Rangers by the football authorities.
Duff and Phelps revealed that Miller ended his interest in the club because he was “uncomfortable” with a number of issues.
Whitehouse said: “We can confirm that Mr Bill Miller has decided not to complete his purchase of Rangers Football Club.
“Since Mr Miller was announced as preferred bidder on Thursday of last week, it is regrettable that more progress could not be made to further the sale of the club.
“We have been informed by his advisors that there were a number of issues with which he felt uncomfortable including legacy contracts, the limitation of potential revenue streams and the expectation of required investment.
“As in any company takeover, the selection of a preferred bidder does not guarantee the completion of the sale.
“In this case, with time and money for Rangers running out quickly, it was essential to move the process forward with urgency.
“Mr Miller’s bid was deliverable to creditors and was the only deliverable bid on the table at that time. We had no other unconditional bid.
“Given the fact that Mr Miller did not enter into an exclusivity agreement, we informed all other known potential bidders at the time the door was not closed.
“As a consequence of Mr Miller’s bid being accepted, three other bidders have come forward to express their interest in buying the club and these offers are being evaluated with the utmost urgency.
“There is every opportunity for these bidders to now complete the purchase of the club prior to the end of the season.”