Walter Smith has withdrawn his bid for Rangers amid concerns over Charles Green's ability to fund the Ibrox side.
The former manager expressed his fears after failing to get information about the investors behind Green's consortium.
Smith's consortium – which was backed by Jim McColl, one of Scotland's wealthiest businessmen, and transport tycoon Douglas Park – formally withdrew its £6 million offer yesterday.
He said: "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.
"It had been agreed we would be provided with significant information that would give us comfort as to the identity of the consortium members, their strategy and funding capacity. This information was not forthcoming by the date of our offer. We are therefore withdrawing from the process."
Former Rangers director Dave King added he does not believe Mr Green's business plan to run the club at a profit is possible.
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