Robert Sarver has pulled the plug on his bid to buy Rangers after the Ibrox board rejected his 20 million pound takeover offer.
The U.S. financier wanted to buy a controlling stake in the crisis-hit Glasgow outfit but saw his hopes spurned when the Rangers directors decided they could not get 75 percent of shareholders to back him.
Now the 53-year-old has opted against making a further bid -- paving the way for the Three Bears, wealthy fans Douglas Park, George Letham and George Taylor, to offer up a 6.5 million pound emergency loan.
In a statement given to the Stock Exchange shortly after midday, Sarver said: "I'm disappointed the Rangers board has rejected my revised offer, which addressed the club's immediate and long-term needs.
"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 fans the best of luck. If they want my support in the future, then they only have to ask."
Sarver's statement also said that he "reserves the right" to make another offer for the club within the next six months.
In a separate statement issued by his Scottish PR advisor, Sarver also explained that the board's "continued failure to provide a counter offer or engage in any meaningful negotiations" was behind his decision to walk away.
Sarver, who already owns the NBA's Phoenix Suns, was made aware of the perilous state of Rangers finances by former Ibrox defender David Robertson, who now coaches at the club where the American banker's sons play in Arizona.
He made his first move just after Christmas when he offered the board an 18 million pound deal but saw it rejected last Tuesday.
But Sarver responded 48 hours later when he came back with an improved 20 million pound bid that also included an immediate 6.5 million pound crisis loan which would have allowed the club to see out the rest of the month.
In return for this, Sarver -- who is also chief executive of the Western Alliance Bancorporation -- wanted the club to call an urgent general meeting to vote on proposals to hand him enough new shares to give him control of 51 per cent of Rangers.
He then planned to make an offer to buy up all remaining stock at 20p per share.