Robert Sarver has backed out of takeover talks with Rangers.
Sarver is currently owner of the Phoenix Suns of the NBA.
“I’m disappointed the Rangers board has rejected my revised offer, which addressed the club’s immediate and long-term needs.
“Clearly the current directors have a different path they want to go down. I hope for the sake of the club and the fans, who’ve been very warm and supportive towards me, that it works out.
“I wish the club and fans the best of luck. If they want my support in the future, then they only have to ask.”
Sarver’s statement also said that he “reserves the right” to make another offer for the club within the next six months.
The Rangers board blocked Sarver’s £20 million takeover bid on Monday morning.