A consortium led by former Glasgow Rangers manager Walter Smith announced Tuesday it has withdrawn a bid to buy the new company that has replaced the liquidated Scottish club. Smith said an offer of 6 million pounds ($9.4 million) to the Charles Green consortium had been rejected, and confirmed his group have pulled out of attempts to purchase the re-organized company.

"Our offer has been rejected and they have made a counter-offer inviting us to join their consortium," a statement from Smith read. "However, the current business plan is not in accord with our understanding of the present circumstances of the club and the way forward, but we would prefer to leave them to proceed in their own way and we wish them good luck in their endeavors."

Green bought out the assets of the cash-strapped club and created a new company with the aim of replacing Rangers in the league. The club was forced into liquidation when British tax officials -- chasing debts of more than 21 million pounds ($32.6 million) -- refused to accept a proposal by Green to repay only a small portion of monies owed.

Scottish Premier League clubs will vote July 4 on whether the new Rangers will be a member for the 2012-13 season.