After laying its bid on the table in November, Luqman Arnold's independent investment group, Olivant, has announced its withdrawal from the race.
It has cited failure to come up with a suitable plan which conforms to its 'investment criteria' as the main reason for the last minute decision.
According to reports from the BBC, this translates as a withdrawal after learning that it would have to pay back Northern Rock's governmental loans within the next three years - two years sooner than it had proposed.
This leaves only Richard Branson's Virgin consortium, the bank's preferred bidder, vying for ownership, alongside Northern Rock's own management who are attempting to retain their hold on the ailing lender.
