Less than a week after the sale of bankrupt Glasgow Rangers to Tennessee tow-truck tycoon Bill Miller seemed set, Miller withdrew his bid.

Miller had been named as the preferred bidder by the club's administrators Duff and Phelps after a protracted bidding process that had seen several rivals fall by the wayside.

Miller said he withdrew his $18 million bid after carrying out due diligence checks that revealed preliminary analysis of the club's condition was "more optimistic than reality." He also said that anti-American sentiment had influenced his decision to exit the takeover battle.

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from Rangers supporters and fans loud and clear ("Yank go home!"), I notified the administrators today that I have withdrawn my bid for Rangers and will not be moving forward," Miller said.