Rangers were taken off the market on Tuesday night as fans expressed fears that the club is simply not an attractive enough prospect for potential buyers.
Owner Sir David Murray confirmed the Scottish champions are no longer for sale, eight months after Murray International Holdings revealed it was considering options regarding their controlling shareholding in the club.
The Rangers Supporters Trust believe a buy-out failed to materialise because Rangers - and Scottish football in general - is simply not regarded as a lucrative enough business proposition.
"The longer the prospective takeover by Andrew Ellis had been mooted without anything coming to fruition, the less chance there was of it happening," said RST spokesman David Edgar.
"I think that this is a reflection on Scottish football. Sadly, it's just not a very attractive pitch to investors anymore. There is no money, really, to be made from Rangers and there is no money to be made from Scottish football."
The news will have come as a surprise to those who thought a takeover was imminent, after a consortium fronted by Ellis, a London-based property developer, last week announced to the stock exchange that they were in "advanced negotiations" to buy a controlling interest in Rangers.
Murray revealed that he has been unable to secure an offer which he believes is in the best interests of the club and, with manager Walter Smith and his backroom staff secured on new contracts, says he now wants to push ahead with a business plan following "positive talks" with the club's bankers, Lloyds Banking Group.
Edgar hopes the announcement will not derail plans to bolster the squad over the summer as Rangers prepare for another crack at the Champions League and their defence of the Clydesdale Bank Premier League title.
He told Sky Sports News: "This constant turmoil, this constant speculation does nobody at the club any good. What we need to do now is just get our heads down and plan for the new season.
"Hopefully we will still be able to bring in a couple of players - I think the bank has seen the folly of running the club with the bare minimum. If we don't have the funds to compete, we won't bring in any money.
"In Scottish football you really have to be getting to that Champions League pot of gold and cutting the squad to the bare minimum is never likely to do that."
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