Rangers' preferred bidder Bill Miller has withdrawn his bid to buy the Scottish giants.

349532 - Miller pulls out of Rangers bid

Miller was named preferred bidder by administrators Duff and Phelps last Thursday, in preference to a rival offer from the Blue Knights and Brian Kennedy.

Miller said in a statement explaining his actions: "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from Rangers supporters and fans loud and clear ("Yank go home!"), I notified the administrators today that I have withdrawn my bid for Rangers and will not be moving forward.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 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 on the day of an Old Firm match as my friends tell me the hair on my arms will stand up and I will never witness such passion and spirit at any sporting event.

"God Speed, Rangers!"