The Singaporean tycoon seeking to take over Rangers today pulled out of the bidding.
Bill Ng had become increasingly frustrated at the takeover process in recent days as the Ibrox administrators, Duff and Phelps, delay naming preferred bidders.
Mr Ng, 52, chairman of Hougang United, is understood to have had fundamental concerns over Duff and Phelps' ability to deliver the 85% shareholding currently owned by chairman Craig Whyte, who bought the club from Sir David Murray last May in a 1 pound deal, and feels his position is now untenable.
He has already voiced concerns over the role London-based firm Ticketus were playing in the protracted process.
Mr Ng appeared to have struck a deal with Ticketus but that broke down when the company held out to recoup more than 17million pounds of the funds they believe they are due after striking a 27m pound deal with Whyte.
In a statement released today to "all the true blue Rangers fans", Mr Ng says: "With a deep sense of regret and with empathy to Fellow GERS, we hereby announce our decision not to continue with the pursuit of Rangers Football Club.
"Recent developments in the bidding process, with unwarranted and unexplained delays, have prompted our withdrawal from the bidding process.
"After lengthy negotiations with a number of key stakeholders, we have serious concerns over the deliverability of the shares on offer to gain control of the club, in a time frame that will allow us to exit the administration via CVA (creditors' voluntary agreement).
"Exiting via CVA has always been, not only our preferred option but, the only option we and especially the Fans would countenance to protect the history of this Great Club.
"We would like to highlight that we have become increasingly uncomfortable and frustrated with the process dealing with Duff & Phelps, and the length of time that it has taken to reach this stage. As of today, there is no indication of a preferred bidder.
"We have also noted the ever increasing uncertainties and complexities in the bidding process. Such situation has made the bidding process untenable and with great uncertainties.
"We may re-launch our bid if the Administrators fail to reach any agreement with the current bidders for Rangers. We reiterate that our belief in Rangers as a Club has not wavered.
"We would like to extend our heartfelt appreciation to Rangers' Fans worldwide for the enormous, generous and heartfelt support that they have shown to us and to our bid. It has been an extremely meaningful for our Consortium in the last few months.
"Based on the constant uncertainties surrounding this Great Club and the complexities of the bid, we would now say that, we are only able to continue as Rangers' supporters in the Far East.
"Our support for this Great Scottish Institution will continue and we hope to fly the Scottish flag sooner than later in the Far East and especially, within our very own S.League community.
Yours Sincerely, Bill Ng"
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