Sale Sharks owner Brian Kennedy is no longer in the running to buy Rangers after his bid was rejected by the club's administrators.
Kennedy has been one of five bidders trying to gain control of the ailing Scottish giants after they went into administration last month.
Former Rangers director Paul Murray's Blue Knights consortium, United States-based Club 9 Sports and a UK-based consortium had already indicated their interest in taking over at Ibrox.
However, Murray revealed earlier on Thursday he was reconsidering his bid due to current owner Craig Whyte's refusal to sell his controlling stake in the club to his consortium.
Kennedy has also recently called on the club's administrators Duff and Phelps to speed up the sale process having tabled his offer two weeks ago.
Now Kennedy has decided to withdraw his offer and has dropped his interest in taking control of Rangers.
A spokesperson for Kennedy said he was "disappointed but not surprised by the outcome".
Kennedy added: "I was only going to get involved for the good of the club.
"I am glad the process is now moving on and I hope the administrators now go with the Paul Murray/Blue Knights bid as they have the best interests of the club and the supporters at heart."