A consortium led by former Rangers manager Walter Smith have withdrawn their bid to buy the club from Charles Green.
Smith said an offer of six million pounds to the Green consortium had been rejected, and confirmed his group have now pulled out of attempts to own the 'newco' club.
Smith released a statement saying: "Our offer has been rejected and they have made a counter-offer inviting us to join their consortium."
"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 Rangers and created a new company with the aim of replacing them in the league after the clubs liquidation
Scottish Premier League (SPL) clubs will vote on 4th July on whether to allow the 'newco' Rangers into the top flight.