// Published April 24, 2012 by isport

A dark cloud has descended upon Rangers after it was revealed that one of the favourites to take over the football club from the hands of administrators – Bill Ng – has decided to pull out of the race to buy the club.

The Singaporean businessman was the favourite to buy it Rangers, but it has now been learnt that he has decided to withdraw his offer for the Scottish club.

He has said in a statement that he is extremely frustrated with the actions of the administrators and their process of dealing with the offers. However, he also revealed that there’s a slight chance that he could come back with another bid if Duff and Phelps failed to find another buyer.

This decision now means that American Bill Miller is the favourite to take control of Rangers. Rangers have already had a setback in the form of Blue Knights withdrawing their offer, while Sale Sharks boss Brian Kennedy’s verbal offer was also rejected.

It is thought that Rangers could face a bill of up to £ 75 million from the tax collectors. It is one of the reasons for Ng to suggest that it would be difficult to come close to an agreement even if the administrators accepted his offer.

“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 said in a statement after learning that his offer will take a lot of time to be evaluated by the administrators.

It has also been learnt that Blue Knights are very much interested in reigniting their offer for the club, which recently lost its hold on the Scottish league title.

Rangers have already been suspended from playing in the Champions League next season because of their money troubles, making their current champions league odds of 150/1 look incredibly generous.