Rangers owner Sir David Murray has announced that the club has been taken off the market and is no longer for sale. Financial uncertainty has surrounded the Scottish club for some time, with Murray stepping down as chairman to focus his efforts on finding a new buyer.
Property developer Andrew Ellis expressed an interest in taking over at Ibrox earlier this year and a deal appeared close last week.
However, a statement has now been released saying Rangers have not yet been able to secure an offer which it 'considers to be in the best interests of the club, its shareholders and its fans'.
The board of directors have been encouraged by the improving financial situation and the decision has therefore been taken for principal stakeholder Murray International Holdings to take the club off the market.
"MIH hereby announces that it is no longer actively marketing its controlling stake in the club for sale," concluded the statement on Rangers' official website.