Rugby club owner Brian Kennedy has been told his latest verbal bid to take over Rangers is "not capable of acceptance".
On Wednesday night it emerged that Mr Kennedy was back in the race for the Ibrox club. Last month, he had a bid rejected for being too low but admitted he would make another bid if the club’s future was at risk.
A spokesman from the club’s administrators Duff and Phelps confirmed to STV on Thursday that Mr Kennedy had made a new verbal offer, but it was "not capable of acceptance".
The spokesman added Mr Kennedy - the Sale Sharks owner - had not made any written offer, and that he had been informed of the decision by the administrators.
Mr Kennedy, in an interview with the Scottish Sun, said: "I have made a substantially improved verbal offer and am waiting for the administrators to come back to me. Whether they go the Paul Murray and Ticketus route or my way, I would implore them to act swiftly.
"We're both coming at it from exactly the same angle. We both have Rangers at heart, we're both Scottish, both live here and both know what's best for the club. We've got responsibility, we've got accountability. Whether it's Paul or me I don't mind, I just want this to be sorted - and sorted soon."
A Singaporean consortium led by businessman Bill Ng and an American group led by Bill Miller are still in the running to take over the reins at Rangers.
The Blue Knights consortium, headed by former Rangers director Paul Murray and backed by Kennedy and many supporters groups, said earlier this week they were taking a step back from the process in the hope a swift deal could be concluded.
'Definitive, unconditional bids'
Meanwhile, Rangers administrators Duff and Phelps released their own statement on Thursday night. In it, they said they "need definitive, unconditional bids on the table" before they announce a preferred bidder.
David Whitehouse, joint administrator, added: "We have had a series of constructive discussions with bidders. We have made it crystal clear to them all that to announce a preferred bidder we need definitive, unconditional bids on the table.
"It is also important to let fans know that at this stage there is a world of difference between people indicating their intentions - even though they are well meaning - and putting them in black and white.
"We understand there are complex issues for bidders to deal with and we do not doubt that all parties want to attain control of the football club. We understand also that those interested in buying the Club are working hard to resolve all outstanding issues.
"We are continuing to make representations to all stakeholder groups - including the football authorities - to give clarity on outstanding issues which will help existing bids move to unconditional status."