Robert Sarver has pulled the plug on his bid to buy Rangers after the Ibrox board rejected his 20million pounds ($30 million) takeover offer.
The US financier wanted to buy a controlling stake in the crisis-hit Glasgow outfit but saw his hopes spurned when the Rangers directors decided they could not get 75 per cent of shareholders to back him.
Now the 53-year-old has opted against making a further bid - paving the way for the Three Bears, wealthy fans Douglas Park, George Letham and George Taylor, to offer up a 6.5 million pounds ($30 million) emergency loan.
In a statement given to the Stock Exchange shortly after midday, Sarver said: "I'm disappointed the Rangers board has rejected my revised offer, which addressed the club's immediate and long-term needs.
"Clearly the current directors have a different path they want to go down. I hope for the sake of the club and the fans, who've been very warm and supportive towards me, that it works out.
"I wish the club and fans the best of luck. If they want my support in the future, then they only have to ask."
Sarver's statement also said that he "reserves the right" to make another offer for the club within the next six months.
