Mr Ng and his consortium were the front-runners to take over the 54-time Scottish Premier League champions after the Blue Knights had failed to raise the £500,000 fee four days ago, which would have allowed them to enter into exclusive talks with the club administrators.
Mr Ng, the chairman of S-League club Hougang United, issued a statement around 7pm yesterday to announce the decision to withdraw from the bid.
He had just returned from London where he and his representatives had met the club's main creditors, Ticketus, a London-based ticketing company, and the club's administrators, Duff and Phelps.
Mr Ng said he was "increasingly uncomfortable and frustrated with the process dealing with Duff & Phelps, and the length of time that it has taken to reach this stage".
He conveyed his deep sense of regret and empathy to Rangers fans in taking the decision not to continue with the pursuit of the club.
"Recent developments in the bidding process, with unwarranted and unexplained delays, have prompted our withdrawal from the bidding process," said Mr Ng.
"After lengthy negotiations with a number of key stakeholders, we have serious concerns over the deliverability of the shares on offer to gain control of the club, in a time frame that will allow us to exit the administration via Company Voluntary Arrangement."
But Mr Ng, the director of a private equity firm who says he has supported Rangers since his youth, added that he would reconsider his position should a window of opportunity opens again.
"We may re-launch our bid if the Administrators fail to reach any agreement with the current bidders for Rangers," he said.
With Mr Ng's withdrawal, American tycoon Bill Miller is now the sole party left in the bid to take over the troubled football club which went into administration on Feb 14 after running up a mountain of debts, said to be as much as £55.4 million.
Rangers manager Ally McCoist, who has not spoken to Mr Ng, told TODAY that his main concern is to get a positive result.
"It's not up to me to have a preferred bidder. I have to remain completely and utterly open-minded about it," said Mr McCoist.
"The only thing that I wish for is somebody who has the club's best interests at heart to take it over." (SOURCE)
RELATED NEWS:
http://www.dailyrecord.co.uk/football/spl/rangers/2012/04/20/rangers-in-crisis-bill-miller-unveils-s11-2m-bid-hours-after-bill-ng-withdraws-offer-86908-23831315/
http://www.cnbc.com/id/47116768
http://www.bbc.co.uk/sport/0/football/17783064
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