American withdraws bid to buy struggling Rangers

The American businessman on the verge of buying Rangers has withdrawn his bid for the financially stricken Scottish club.

Administrators of the club had considered Bill Miller, the chairman of a Tennessee-based towing and recovery equipment company, their preferred bidder.

But Miller says he was dismayed by hostility from fans unhappy with the prospect of foreign ownership and that the 140-year-old club's financial situation was worse off.

Miller says "preliminary information, discussions and analysis were, unfortunately, more optimistic than reality."

Rangers entered bankruptcy protection in February following a long-running dispute with the tax authorities.