American Bill Miller has withdrawn his bid for Scottish club Rangers after citing the opposition from the fans and the possibility of significant debts hidden within the financial accounts.

Rangers moved into administration this season after owing a lot of tax to the HMRC and various other organisations.

They were deducted 10 points from the league table and the future looks extremely bleak for the Scottish club, who were regarded as one of the biggest in Britain. Only three major bids has come in to save the club according to the administrators. One of them was American Bill Miller, who was thought to be one of the front-runners for securing the club.

However, a lot of opposition from fans in recent weeks over the proposed takeover of the American combined with the possibility of hidden debts within the club have ensured that he is now out of the running to take over the financially stricken club. Estimates predict that the debt of Rangers could be as high as £ 100 million, which would be financially unviable for any businessman looking to take over the club. After announcing his withdrawal from the competition to take over Rangers, Bill Miller said that he wished Rangers for the best in the future.

"As soon as I was announced as preferred bidder for Rangers, my team began to press ahead with our due diligence. Until then, information had been limited to what was made available in the internet data room and questions addressed to the administrators and their staff. In addition, I had preliminary discussions with the Scottish footballing authorities and limited discussions with Ally McCoist. Upon being named preferred bidder, discussions with Rangers staff started and discussions with all interested parties intensified," said Bill Miller in a statement after announcing his withdrawn from the Rangers take over.