Robert Sarver has pulled the plug on his bid to buy Rangers after the Ibrox board rejected his £20million takeover offer.
The US 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 per cent 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 £6.5million emergency loan.
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 NBA side the 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 £18million deal but saw it rejected last Tuesday.
But Sarver responded 48 hours later when he came back with an improved £20million bid that also included an immediate £6.5million 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.