American businesswoman Kyle Fox has dropped her bid to buy a controlling stake in Rangers.

The head of global advisory firm KRF Capital has made the decision amid ongoing resistance from key shareholders at the Glasgow club.

Negotiations had reportedly been going on for nine months over a potential purchase of 25% of Rangers with an additional capital commitment of £75m.

However, Miami-based Fox has now withdrawn her offer, although is understood to remain open to talks in the future.

Speaking to BBC Scotland, she said: “Our interest was predicated on certain conditions being met – those conditions were not met.

“Our letter of interest included gaining anti-dilution rights protection, two board seats and access to the data room and management interviews. All were denied.”

The former global head of capital markets at HIG Capital became interested in acquiring a stake in Rangers after meeting former chairman Paul Murray last year.

The club launched legal action against Fox over a potential breach of trademark by using the club logo in her attempts to gain investors.

It sought compensation for damages to its ‘business relationships, goodwill and reputation’ after claiming Fox was unlawfully using its trademarks and branding but the case was subsequently dropped by the Ibrox club.