A consortium led by former manager Walter Smith has pulled out of a bid to buy Rangers from Charles Green after an offer was rejected.
Green completed his purchase of the troubled SPL giants last week and subsequently confirmed he was open to investment from a consortium backed by Smith.
However, Smith has released a statement to say that a £6million offer to the Green consortium has been turned down and confirmed his group has now pulled out of attempts to own the newco club in order to allow the new owners to proceed in their own way.
A statement from Smith read: "I would like to clarify the background to the offer of £6million for the assets of the club which I announced on Thursday, June 14 2012.
"The offer was made to the administrators before the Charles Green consortium had concluded their transaction to acquire the assets at £5.5m from the administrators.