American businessman Bill Miller has withdrawn his bid for Rangers.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However, the trucking tycoon has confirmed to the Press Association on Tuesday afternoon he has now withdrawn his offer to take over the stricken Glasgow giants.
Miller's statement read: "As soon as I was announced as preferred bidder for Rangers, my team began to press ahead with our due diligence.
"Until then, information had been limited to what was made available in the internet data room and questions addressed to the administrators and their staff.
"In addition, I had preliminary discussions with the Scottish Footballing Authorities and limited discussions with Ally McCoist.
"Upon being named preferred bidder, discussions with Rangers staff started and discussions with all interested parties intensified.
"We continued to work through the holiday weekend in order to meet a very compressed schedule.
"By late Monday night, it became clear to me that preliminary information, discussions and analysis were, unfortunately, more optimistic than reality.
"Having no intention of negatively affecting the potential outcome of the club's future and after hearing the message from Rangers supporters and fans loud and clear ("Yank go home!"), I notified the administrators today that I have withdrawn my bid for Rangers and will not be moving forward.
"I am deeply disappointed as I had considered the opportunity to bid for one of the most historic football clubs in the world, an honor and a privilege.
"I wish Rangers fans, supporters and employees my very best. I hope all your dreams and wishes come true. You certainly deserve it.
"I am most disappointed that I won't have the opportunity to walk into Ibrox Stadium on the day of an Old Firm match as my friends tell me the hair on my arm will stand up and I will never witness such passion and spirit at any sporting event.
"God Speed, Rangers!"
Miller informed administrators today of his decision to withdraw from the bidding process following discussions over the holiday weekend.
He described information he has received as being "more optimistic than reality" and also made reference to opposition to his takeover bid by Rangers fans.
Miller said in a statement released to Press Association Sport: "As soon as I was announced as preferred bidder for Rangers, my team began to press ahead with our due diligence.
"Until then, information had been limited to what was made available in the internet data room and questions addressed to the administrators and their staff.
"In addition, I had preliminary discussions with the Scottish footballing authorities and limited discussions with Ally McCoist.
"Upon being named preferred bidder, discussions with Rangers staff started and discussions with all interested parties intensified.
"We continued to work through the holiday weekend in order to meet a very compressed schedule.
"By late Monday night, it became clear to me that preliminary information, discussions and analysis were, unfortunately, more optimistic than reality.
"Having no intention of negatively affecting the potential outcome of the club's future and after hearing the message from Rangers supporters and fans loud and clear ("Yank go home!"), I notified the administrators today that I have withdrawn my bid for Rangers and will not be moving forward."
