A consortium led by Singapore businessman Bill Ng has withdrawn its bid to take control of stricken Scottish outfit Rangers.

The group have claimed that they have been "frustrated" with the administration process carried out by London firm Duff & Phelps, which has prompted the consortium to declare themselves out of the running to become the club's new owners.

Ng released a statement claiming that "unwarranted and unexplained delays" have been behind the group's decision to back out of the process, despite the consortium being dubbed the favourites to complete a takeover.

While the businessman revealed his "regret" in having to make the decision, Ng has stated that the group may return with another offer if the administrators refuse to accept any other bids currently on the table.

The Singapore group are believed to have been responsible for one of two offers remaining for the former SPL champions.