Ng withdraws Rangers bid

Singapore businessman Bill Ng has withdrawn his group's offer to buy Rangers.

Ng has released a statement in which he says he has become "increasingly uncomfortable and frustrated with the process of dealing with club administrators", but could relaunch his bid if administrators Duff and Phelps fail to strike another deal.

Ng's decision leaves American Bill Miller as the most likely candidate after Brian Kennedy had a verbal offer rejected and the Blue Knights announced they were stepping back from the process.

The statement said: "Recent developments in the bidding process, with unwarranted and unexplained delays, have prompted our withdrawal from the bidding process.

"After lengthy negotiations with a number of key stakeholders, we have serious concerns over the deliverability of the shares on offer to gain control of the club."

Ng expressed frustration over "ever-increasing uncertainties and complexities in the bidding process" and said the process had become untenable.

The chairman of Singapore top-flight club Hougang United had previously expressed frustration with Ticketus, who have a contract to sell £27million worth of season tickets over the next three years.

Ng has claimed Ticketus increased their demands from £10million to £17.5million, but he expressed most disappointment with Duff and Phelps, accusing them of "moving the goalposts".

As well as the Ticketus liability, areas of uncertainty around Rangers include the rights of majority shareholder Craig Whyte, an outcome on the tribunal over their potential £75million tax bill and Scottish Premier League proposals on financial fair play, the subject of a meeting on April 30.

Duff and Phelps signalled on Thursday that none of the bids on the table were acceptable in their current form, and added: "We are continuing to make representations to all stakeholder groups - including the football authorities - to give clarity on outstanding issues which will help existing bids move to unconditional status."