Rangers' principal shareholder Sir David Murray has announced that the club is no longer for sale.
Last week potential buyer Andrew Ellis and his company, RFC Holdings, informed the Stock Exchange that they were in "advanced negotiations" with Murray.
But a statement on the Rangers website says the club has been unable to find a deal that benefits the club itself, its shareholders and its fans.
The Scottish Premier League champions are about £30m in debt.
The Rangers statement says: "Murray International Holdings Limited (MIH) has received interest in its controlling stake from a number of parties.
"At this time, however, the board of MIH has not been able to secure an offer which it considers to be in the best interests of the club, its shareholders and its fans.
"Following on from the success of winning the 2009/10 SPL title and thereby securing participation in the group stages of the Champions League during 2010/11, the club recently announced that the football management team had signed new contracts.
"At the same time the board of directors of the Club announced improvements in its financial position compared to the previous year, stating:
"'We believe the outcome of our recent positive discussions with the bank gives us a real platform for operational stability at the Club and we thank Lloyds for their support.
"'We have a clear business plan in place and will continue to maximise efficiencies and endeavour to increase our non-playing income.'
"The board of directors of MIH therefore considers that the interests of stakeholders are presently best served by providing the football management team and board of directors with an opportunity to implement its business plan which is supported by Lloyds Banking Group.
"In these circumstances, MIH hereby announces that it is no longer actively marketing its controlling stake in the club for sale."
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