Ibrox Stadium, home of Glasgow Rangers Football Club
Ibrox Stadium, home of Rangers Football Club

Singaporean businessman Bill Ng has withdrawn his £20m offer for Glasgow Rangers Football Club despite the public and experts alike believing he was in pole position to buy the club.

Ng had expressed his frustration over the negotiations this week after talks were seriously drawn out, following hardball tactics from investment firm Ticketus.

The multimillionaire told The New Paper in Singapore: "Yes, I am frustrated with Ticketus because it keeps increasing its demands from £10m to £12m, then £17.5m, but I don't blame it.

"I understand that, as the main creditor, it wants as much as it can get.

"What I am most displeased and disappointed about is how the administrators - Duff and Phelps - can allow the goalposts to keep moving when they are supposed to be like the referee and be firm during discussions," he added.

"But they have been weak so far. Even if I agree to Ticketus' price, there is no guarantee we will land 85 percent of Craig Whyte's shares."

Ng is currently the director of a private equity firm and the chairman of Hougang United, a club in Singapore's football league.

Former Rangers' director Paul Murray's Blue Knights consortium had stepped aside in hope that one of the other bidders could complete the takeover swiftly but is now poised to re-enter the race.

The consortium said it was only willing to take over the club if nobody in a strong enough financial situations took the reigns.

Sale Sharks owner Brian Kennedy is now the most likely new owner after he submitted a substantially improved offer for the troubled Scottish club.

Following informal talks with the club's administrators, Kennedy is reported to have put in a much higher bid than his initial rejected offer.

He told the Scottish Sun: "Whether they go the Paul Murray and Ticketus route or my way, I would implore them to act swiftly.

"We're both coming at it from exactly the same angle. We both have Rangers at heart, we're both Scottish, both live here and both know what's best for the club. We've got responsibility, we've got accountability. Whether it's Paul or me I don't mind, I just want this to be sorted - and sorted soon."