Rangers have rejected an £18m takeover approach from American financier and owner of Phoenix Suns basketball team Robert Sarver.
The club said the offer, which included placing 100m shares at 18 pence, did not "adequately value a controlling interest in the company".
Rangers admitted they would need "further funding before the end of January" and was currently holding talks with current shareholders which Sarver had been invited to participate in.
The football club said in a statement:
While the directors welcome Mr Sarver's approach, they believe that, notwithstanding the current financial difficulties, the proposal does not adequately value a controlling interest in the company and accordingly the resolution to approve the placing is unlikely to achieve the 75 per cent majority required.
On Monday the club confirmed earlier reports Sarver had made an £18m bid for a controlling stake via an email to Rangers chairman David Somers, along with a request to ask shareholders to approve a new share issue.
Commentators thought the bid was unlikely to be accepted because millionaire businessman Douglas Park's Three Bears group and former Rangers director Dave King had since acquired stakes of around 20 per cent and 15 per cent respectively.
Sarver was said to have been prepared to splash £15m on buying out remaining shareholders in order to get a 100 per cent stake in the group if his offer was accepted.
In a separate statement Sarver said it was former Rangers player Davie Robertson, now a youth football director in Phoenix, Arizona, who stirred his initial interest in the club.
Rangers fans have every right to be wary about someone showing an interest in the club they love, especially given some of the events of recent years.
First and foremost I believe what the club needs today is a very quick, major injection of capital to stabilise things and I can give the Rangers supporters a categorical assurance that I have the resources and ability to get this club back to its elite level.