Miller withdraws bid to buy Rangers

Miller withdraws bid to buy Rangers

European Soccer

Miller withdraws bid to buy Rangers

Rangers (Getty Images)

An American won't be purchasing Rangers after all.

Bill Miller, a Tennessee-based businessman who appeared poised to take over as new head of Rangers after his bid was accepted by Rangers administrators last week, withdrew that bid on Tuesday, putting the club back in a tenuous and precarious situation when it appeared that it was finally ready to take significant steps forward. Miller's bid was accepted for it being the one most capable of getting Rangers out of financial turmoil and back to stable ground, but it was not a popular one with supporters given his lack of connection to the club.

"As soon as I was announced as preferred bidder for Rangers, my team began to press ahead with our due diligence," Miller 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.

"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from Rangers supporters and fans loud and clear ("Yank go home!"), I notified the administrators today that I have withdrawn my bid for Rangers and will not be moving forward."

What do you think of this development? What do you think it means for Rangers and the U.S. internationals who play for the team?

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