Bill Miller has withdrawn his bid to purchase Scottish Premier League side Rangers.

The American businessman was selected as the preferred bidder for the club by administrators Duff & Phelps on Thursday.

However, having held further discussions over the weekend, Miller came to the decision that he was no longer interested in taking control of the Gers.

"By late Monday night, it became clear to me that preliminary information, discussions and analysis were, unfortunately, more optimistic than reality," read a statement from Miller.

"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from Rangers supporters and fans loud and clear ("Yank go home!"), I notified the administrators today that I have withdrawn my bid for Rangers."

Rangers have yet to pass comment on the situation.