Glasgow Rangers Football Club's (GRFC) principal shareholder, Murray International Holdings (MIH), has confirmed it is no longer looking to sell its controlling stake in the club.

The announcement comes after RFC Holdings - the company controlled by property developer Andrew Ellis - told the London Stock Exchange it was at an "advanced" stage of talks over a possible takeover. In a statement, a MIH spokesperson said: "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.

"In these circumstances, MIH hereby announces that it is no longer actively marketing its controlling stake in the Club for sale." Elsewhere, HM Revenue and Customs' bid to have Cardiff City Football Club (CCFC) wound up over unpaid taxes has been officially withdrawn at the High Court in London.

The winding up order had cast doubt over the Coca Cola Championship club's future for a number of months, but the action has now been ended after CCFC paid £1.9m to meet its obligations. US musician Sean Combs - also known by his stage name Diddy - has told the BBC that he turned down an opportunity to buy Crystal Palace Football Club, which was recently bought by the CPFC 2010 consortium.

Combs told the broadcaster: "I'm always looking into different business ventures and it's definitely one of my dreams to be part of a sports franchise, especially a football team."