A consortium led by former manager Walter Smith has pulled out of the running to take charge of Rangers.

The group, which included several Scottish businessmen, had recently lost out to Charles Green in their battle to gain control of the club.

Despite reports that Smith's men were keen to purchase the Gers from Green, they have decided to end their interest with immediate effect.

"I would like to clarify the background to the offer of £6m for the assets of the club which I announced on June 14," Smith said in a statement. "The offer was made to the administrators before the Charles Green consortium had concluded their transaction to acquire the assets at £5.5m from the administrators.

"We felt it necessary to have a fall-back position to secure the club's future. We have since made the same offer of £6m to the Green consortium through Zeus Capital.

"Our offer has been rejected and they have made a counter-offer inviting us to join their consortium. However, the current business plan is not in accord with our understanding of the present circumstances of the club and the way forward, but we would prefer to leave them to proceed in their own way and we wish them good luck in their endeavours.

"Members of our consortium had met with Charles Green and Zeus Capital prior to the CVA meeting and it had been agreed that we would be provided with significant information which would give us comfort as to the identity of the consortium members, their strategy and their funding capacity.

"This information had not been forthcoming by the date of our offer. We are therefore withdrawing completely from the process to enable Charles Green and his consortium to move forward.

"We very much hope the verbal assurances they provided to us - and the public statements made - are adhered to and that the club will therefore be financed and managed with appropriate governance and can go forward in a sustainable manner. We wish the new Rangers Football Club every good fortune."

Smith quit his role as manager of Ibrox-based club in the summer of 2011.