Singapore businessman Bill Ng welcomed a "new chapter" for Glasgow Rangers despite being foiled in his bid to buy the embattled Scottish football club.
Ng, accepting defeat in his takeover attempt, congratulated the consortium led by former Sheffield United chief executive Charles Green, whose offer was accepted by Rangers' administrators.
"We would like to sincerely congratulate Mr. Charles Green and his consortium for winning the bid," Ng said in a statement late on Monday.
"We believe that they will put in their greatest effort to create a whole new chapter for Rangers," he added.
Ng also urged Rangers fans to "allow Mr. Green's consortium to be given some time to get Rangers back on track and also to emerge as a stronger club after this episode".
"We would be delighted to share our ideas and also to support Mr Green in making Rangers fit and strong again!" Ng said.
Ng, who initially pulled out of the race in frustration at negotiations, revived his attempt last week after the withdrawal of the preferred bidder -- at half his original price-tag of Â£20 million (US$32 million).
But on Sunday, administrators Duff and Phelps said they had accepted Green's offer, which they described as a "substantial financial commitment". The deal is expected to be finalised next month.
The bid by Ng, a private equity firm director and chairman of S-League club Hougang United who describes himself as a lifelong Rangers fan, follows the failed attempt fellow Singapore businessman Peter Lim to buy Liverpool in 2010.
Administrators were called in to Rangers on February 14 after British tax authorities went to court to seek payment of an unpaid bill that had built up since current owner Craig Whyte took charge in May last year.