Bill Miller withdrew his Rangers bid after fearing much-needed austerity measures would make him even more unpopular in an already “inhospitable” environment, according to one of his advisers.

Rangers’ administrators signalled there could be five bids for the club 24 hours ahead of this evening’s deadline – but confusion subsequently surrounded the intentions of one of the frontrunners.

Rangers’ administrators have admitted liquidation is a possibility for the Ibrox club under new owners.

Rangers‘ administrators have asked three bidders to submit “best and final offers” for the club by Wednesday, April 4.