Walter Smith pulls out from Rangers bid

Former Rangers manager Walter Smith (Getty Images)

A consortium led by Walter Smith has withdrawn a proposal to buy Rangers from Charles Green.

The former manager made a late bid for the club last Thursday, but Green prevailed. Smith then made a £6m offer to Green which was rejected.

There had been talk of Green considering a quick sale, but he decided to ask bidders if they wanted to be part of his consortium. Smith said he preferred to allow the new owners to follow their plans. "The current business plan is not in accord with our understanding of the present circumstances of the club and the way forward," Smith said in a statement.