Bill Miller withdraws bid for Rangers

However, the trucking tycoon has confirmed this afternoon he has now withdrawn his offer to take over the stricken Glasgow giants.

He said the "compressed" period of necessary due diligence had been "more optimistic than reality", but also blamed negative feedback from some Rangers fans, claiming he had been told: "Yank go home."

In another remarkable twist to the protracted saga, Duff and Phelps have confirmed three other bidders have expressed an interest in buying the club after Mr Miller withdrew his offer this afternoon.

Mr Miller's statement read: "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from Rangers supporters and fans loud and clear ("Yank go home!"), I notified the administrators today that I have withdrawn my bid for Rangers and will not be moving forward.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 Stadium on the day of an Old Firm match as my friends tell me the hair on my arm will stand up and I will never witness such passion and spirit at any sporting event. God Speed, Rangers!"

David Whitehouse, joint administrator from Duff and Phelps, said in their statement: "We can confirm that Mr Bill Miller has decided not to complete his purchase of Rangers Football Club. Since Mr Miller was announced as preferred bidder on Thursday of last week, it is regrettable that more progress could not be made to further the sale of the Club.

"We have been informed by his advisers that there were a number of issues with which he felt uncomfortable including legacy contracts, the limitation of potential revenue streams and the expectation of required investment.

"As in any company takeover, the selection of a preferred bidder does not guarantee the completion of the sale. In this case, with time and money for Rangers running out quickly, it was essential to move the process forward with urgency. Mr Miller's bid was deliverable to creditors and was the only deliverable bid on the table at that time. We had no other unconditional bid.

"Given the fact that Mr Miller did not enter into an exclusivity agreement, we informed all other known potential bidders at the time the door was not closed.

"As a consequence of Mr Miller's bid being accepted, three other bidders have come forward to express their interest in buying the Club and these offers are being evaluated with the utmost urgency. There is every opportunity for these bidders to now complete the purchase of the Club prior to the end of the season."

Earlier today, the administrators said they were "co-operating" with Strathclyde Police about inquiries into the takeover of the club by Craig Whyte last year.

Duff and Phelps said they were aware of media reports that "referred to police interest" in the circumstances of the takeover in May 2011.

Whyte's lawyers Collyer Bristow are already facing court action at the hands of the administrators after being accused of deliberately deceiving the club during the Motherwell-born businessman's takeover.

Mr  Whitehouse said that the administrators understood that it had not yet been decided whether any investigation would be the responsibility of Strathclyde Police or the Metropolitan Police.

He said: "An impression has been given that we as administrators are in possession of information which may be of interest to the police but, to date, we have not provided.

"Since being appointed administrators in February, we have had a number of meetings with Strathclyde Police and are co-operating fully with them. At no time has any request for information from the police been denied nor delayed in any way.

"It goes without saying that any information in relation to these matters is available to the police. As far as we are aware, a decision has yet to be taken by the police authorities whether an investigation would fall within the jurisdiction of Strathclyde Police or the Metropolitan Police. We look forward to that decision being made and will co-operate fully with any investigation.

"It should also be noted that we have instigated civil proceedings at the High Court in London in relation to the takeover of Rangers."

Rangers went into administration in February after Her Majesty's Revenue and Customs lodged a petition over the non-payment of about £9 million PAYE and VAT since Whyte's 2011 takeover.

It later emerged that the Glasgow club's £18 million bank debt was paid off with future season-ticket money from Ticketus.

Last month, the club were handed a £160,000 fine and 12-month embargo on registering players aged over 17 by the panel after being found guilty of five charges in relation to their finances and the appointment of Craig Whyte as chairman by a Scottish Football Association judicial panel.

Rangers' liabilities currently total about £60 million but they could face an additional tax bill of up to £75 million, depending on the outcome of a tribunal on the matter.