Bill Miller has withdrawn his bid for Rangers, blaming fan opposition and fresh information that revealed the seriousness of Rangers' finances. But administrator Duff & Phelps says three other bids are on the table - one from the UK and two from overseas.
But he has now said that "preliminary information" given by Duff & Phelps was "more optimistic than reality" and he is no longer pursuing his offer.
"As soon as I was announced as preferred bidder for Rangers, my team began to press ahead with our due diligence," said Miller in a statement.
"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."
The American had yet to visit Scotland following his bid for the club but turned in his statement to the reaction from some Rangers fans, who displayed anti-Miller banners at last week's game against Dundee United.
"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from Rangers supporters and fans loud and clear ("Yank go home!"), I notified the administrators today that I have withdrawn my bid for Rangers and will not be moving forward," he said.
"I am deeply disappointed as I had considered the opportunity to bid for one of the most historic football clubs in the world, an honour 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!"
Bids from Sale Sharks owner Brian Kennedy, the Blue Knights led by former Rangers director Paul Murray, a Far East consortium led by Singapore-based businessman Bill Ng and a mystery German consortium had already been discounted by Duff & Phelps.
Joint administrator David Whitehouse said: "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 cub.
"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."
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