A consortium led by former Rangers manager Walter Smith announced on Tuesday they have withdrawn their bid to buy the new company that has replaced the liquidated Scottish club from Charles Green.
Smith said an offer of £6 million ($9.4m) to the Green consortium through Zeus Capital had been rejected, and confirmed his group have now pulled out of attempts to own the 'newco' club.
"Our offer has been rejected and they have made a counter-offer inviting us to join their consortium," a statement from Smith read.
"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."
Green bought out the assets of the cash-strapped Glasgow giants and created a new company with the aim of replacing Rangers in the league.
Rangers were forced into liquidation when British tax officials -- chasing debts of more than £21 million ($32.6m) -- refused to accept a proposal by Green to repay only a small portion of monies owed.
Scottish Premier League (SPL) clubs will vote on Wednesday, July 4 on whether to allow the 'newco' Rangers to keep the 140-year-old Glasgow giants' place in the top flight.
Only then, just a month before the season starts, will matches for the new campaign be finalised after Rangers were omitted from the SPL fixture list annnounced on Monday, with their place taken by a yet-to-be decided 'Club 12'.