Simple RSR test - pull the relay, jump the two fattest wires in the plug, and try to start. If the car starts, the relay needs replacing.
Another possibility - several years ago, my wife's 740 had spark, fuel flow at the rail, and firing injectors, and still wouldn't start. Turned out to be the main fuel pump - it was functioning enough to flow fuel, but without enough pressure to deliver through the injectors. What probably caused the main pump to fail was the previous failure of the in tank pump.
If the RSR checks out, try spraying some starter fluid into one of the vacuum ports in the throttle body. If the car fires then dies in a second or three, suspect the pumps.
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