The consortium led by former Rangers manager Walter Smith has withdrawn its offer to buy the Glasgow club.
Current owner Charles Green, who bought the Scottish Premier League giants for six million pounds last Thursday, was urged by Smith’s business partner Jim McColl to accept an offer from the group which he believed to be ‘in the best interests’ of the club.
However, having seen their bid rebuffed by the former Sheffield United chief executive, the 64-year-old coach and his associates have now decided to withdraw from negotiations to allow the club to move forward under the current owners.
A statement from the former Everton manager read: “Our offer has been rejected and they have made a counter-offer inviting us to join their consortium.
“However, the current business plan is not in accord with our understanding of the present circumstances of the Club and the way forward, but we would prefer to leave them to proceed in their own way and we wish them good luck in their endeavours.”
Smith’s consortium had matched the six million pounds paid by Green in their latest bid, which was made through Zeus Capital to the owners with the full backing of the Rangers Supporters’ Trust.
Green had previously said he would welcome any financial backing from the group, adding that he would readily appoint Smith as chairman of the club if he chose to accept such an offer.
The news leaves the Ibrox outfit’s future shrouded in obscurity, with the team currently not included in the SPL fixture list for next season as they await approval from other sides in the Scottish top flight to form a new club following liquidation of their assets last week.