Brian Kennedy's bid to take over Rangers has been rejected by the club's administrators.
Kennedy, who owns rugby union side Sale Sharks made a bit to take control two weeks ago but has had his bid turned down, but was not shocked by the decision.
He told BBC Scotland: "I'm disappointed but not surprised by this outcome.
"I always said that I would only get involved for the good of the club and it seems my bid just wasn't good enough."
Other interested parties includ the Blue Knights consortium which is headed by Paul Murray, a former director at Rangers.
The Scottish champions entered administration in February and have also attracted bids from abroad including American based Club 9 Sports and a consortium from Singapore but Kennedy went as far as to back the Blue Knights.
He insisted: "I'm glad the process is moving forward and I just hope the administrators go with Paul Murray and his Blue Knights now.”
Of the administrators Duff and Phelps, who hope to have a new owner in place by the summer, he said: "I think they have the best interests of the club at heart."
Rangers remain 18 points behind Glasgow rivals Celtic after being deducted 10 points by the SPL for entering administration.