American millionaire Robert Sarver will not be making any further bids to take control of Scottish Championship side Rangers.
The 53-year-old, who owns basketball side the Phoenix Suns, has made two offers for the club, which have both been rejected by the current board of directors.
Sarver was originally made aware of the club and it's financial situation by a former Rangers player, David Robertson, who now lives in America and coached Sarvers' three sons.
In a short statement, the 53 year old said, "Clearly the current directors have a different path they want to go down,"
"I'm disappointed the Rangers board has rejected my revised offer, which addressed the club's immediate and long-term needs," he continued.
"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 fans the best of luck."
"If they want my support in the future, then they only have to ask."
Both Sarver's original £18m offer, and his improved £20m offer, which were both made earlier this month, were rejected on the basis that they would need an approval of a 75% majority from the shareholders, which the board of directors didn't believe he would be able to achieve.
A Rangers statement to the Stock Exchange reiterated this:
"The revised proposal by Mr Sarver was similar to his first proposal in the respect that it sought a placing of 100 million shares (to be priced at 20p in this proposal) which would require the approval of shareholders (at least a 75% majority) at a general meeting," it said.
"The board of Rangers rejected the first proposal from Mr Sarver on 6 January on the basis that the board felt it unlikely that the approval of shareholders holding sufficient shares would be forthcoming."
Rangers are currently looking to make it three back to back promotions since they were moved to the bottom tier of Scottish football, but are facing a tougher time in the Championship than in the previous two campaigns, as they currently sit thirteen points behind leaders Hearts.