Published Tuesday, 08 May 2012
Rangers fans held up signs protesting against Bill Miller. (© Getty)
Miller had been named as the preferred bidder by administrators Duff and Phelps, after his unconditional offer for the cash-strapped Scottish club was accepted last week.
He looked to be the favourite to take over, but confirmed his decision to withdraw the bid on Tuesday citing the "loud and clear" message from supporters as a reason.
A statement explained: "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from Rangers supporters and fans loud and clear ('Yank go home!'), I notified the administrators today that I have withdrawn my bid for Rangers and will not be moving forward."
Miller, who owns tow-truck company Miller Industries, was named preferred bidder over a rival offer from the Blue Knights and Brian Kennedy last Thursday.
The 65-year-old's £11.2m offer would have avoided the need for liquidation, which would have led to the winding up of Rangers as a business.
He continued: "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!"
© UTV News