Two businessmen have reportedly ended their interest in buying Rangers for £11m.
Allan Stewart and Stephen McKenna had been mulling over an offer to Charles Green but have since stepped back.
The Glasgow property moguls told the Herald that buying Rangers would cost them three times their original offer.
Mr McKenna told the newspaper: "The money is there. We have proof of funds. But there is a bigger hole in the ground than we expected. I don't see the point if we really only have one-third of the money that we need."
Mr Stewart added: "Looking at all the facts, even with the money we were going to offer, it wasn't going to scratch the surface with what was needed to fix the club. We've maybe been a bit naive in thinking that we had enough.
"We have been speaking to our legal people and they're talking about millions and millions more. It would be too stressful to try and turn it around. We had great intentions, but we wish the club the very best."
He admitted: "Maybe we were just enthusiastic, thinking we could do something good here. It needs a lot better than us to do it."
Mr McKenna told STV on Thursday that the pair were not launching an "immediate" bid for the club and declined to comment on whether any offer for the assets of the newco was worth £11m. Their firm Aleftav Ltd was to be used by the businessmen in their dealings with Rangers.
It was revealed in a tabloid newspaper that Mr McKenna had once played for Celtic after donating £15,000 in a charity auction in honour of former player Phil O’Donnell in 2008.
Mr Green, former chief executive at Sheffield United, bought the troubled Ibrox side from owner Craig Whyte for £5.5m.
His campaign to have his newco admitted to the Scottish Premier League suffered a double setback on Thursday night.
Heart of Midlothian and Dundee United both confirmed they would vote against allowing the new Rangers to join the league.
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