American businessman Robert Sarver has confirmed that he will not continue talks with Rangers after failing with a fresh takeover bid.
The Scottish club rejected a £20m bid from Sarver on Monday, just days after turning down an £18m offer.
The owner of NBA basketball team Phoenix Suns has told the Stock Exchange that he has now ended his pursuit of Rangers.
"I'm disappointed the Rangers board has rejected my revised offer, which addressed the club's immediate and long-term needs," Sarver said in an official statement. "Clearly the current directors have a different path they want to go down.
"I hope for the sake of the club and the fans, who've been very warm and supportive towards me, that it works out. I wish the club and the fans the best of luck. If they want my support in the future, then they only have to ask."
The Scottish Football Association recently rejected Newcastle United owner Mike Ashley's attempt to increase his 9% share in the Glasgow-based club.
