Rangers administrators have confirmed three other bidders have expressed an interest in buying the club after Bill Miller withdrew his offer.
American tycoon Miller - who was named preferred bidder on Thursday - informed Duff and Phelps on Tuesday afternoon of his plans to withdraw from the process.
David Whitehouse, joint administrator, said: "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."
Miller described information he has received as being "more optimistic than reality" and also made reference to opposition to his takeover bid by Rangers fans.
"As soon as I was announced as preferred bidder for Rangers, my team began to press ahead with our due diligence," he said in a statement.
"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from Rangers supporters and fans loud and clear ("Yank go home!"), I notified the administrators today that I have withdrawn my bid for Rangers and will not be moving forward.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 honor 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!"
Administrators opted for Miller's £11.2million bid over a rival offer from Sale Sharks owner Brian Kennedy and the Blue Knights consortium.
The American had been hopeful of completing his takeover by the end of the season, albeit he was seeking clarification over sanctions imposed on Rangers by the football authorities.
Duff and Phelps revealed that Miller ended his interest in the club because he was "uncomfortable" with a number of issues.
Whitehouse said: "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 advisors 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."
what do you think?
maybe the fans will be happy if the club folds rather than have a YANK take over?????
Exactly, if this carries on then there wont be a club to buy!
Mr Miller , Coventry City wouldn't mind your backing
I hardly think Gers fans are in a position to pick and choose there saviour so why all the banners at there last home game telling the Yank to go home, etc etc, the door is slowly being shut at Ibrox and as Jacqui's say there wont be a club to save.
The administrators should just come out and say ' club for sale, £12 million' rather than messing around with prefered bidders and ruling out perfectly good money coz the owners face doesn't fit
we need to take a chance with someone thought the paranoia was for the celic taps
typical football prats, you will all get what you deserve, no club, no team, stew in your own stupidity