The Blue Knights consortium and Scots rugby club owner Brian Kennedy have submitted a conditional takeover bid for Rangers.
According to a statement released by the pair on Friday afternoon, the offer is subject to a company voluntary agreement (CVA) being agreed among the Ibrox club’s many creditors.
The new bid is also conditional on Craig Whyte’s shares being acquired, the group confirmed in a statement. Earlier in the day London agency Ticketus confirmed it had withdrawn its financial support for the Blue Knights consortium, citing the increasing complexity of the financial mess at Rangers.
Former Rangers director Paul Murray told STV News that the Blue Knights bid was bigger than American businessman Bill Miller's £11.2m asset sale.
He also admitted that the group did not have any indication from Ticketus if it would vote for or against a CVA, while Mr Miller has also said previously that he understood Ticketus would block a CVA as it is owed £27m, giving it the ability to block the route out of administration.
Mr Murray and Mr Kennedy, who owns Sale Sharks Rugby Union Club, issued a joint statement shortly after 3pm on Friday.
It said: "We are pleased to announce that the Blue Knights, led by Paul Murray and Brian Kennedy, have joined forces and at 3pm today have submitted a written offer to the lawyers of the administrators to purchase Rangers Football Club.
"This offer we consider to be substantial and is conditional on a CVA being approved by the creditors and Mr Whyte’s shares being acquired.
"We hope this is accepted so that we may proceed with due diligence forthwith and make a start to the task of rebuilding Rangers Football Club of 1872."
Mr Kennedy has previously had two bids rejected while the finance behind the Blue Knights, aside from Ticketus when it was involved, has never been clarified.
Rangers' administrators Duff and Phelps confirmed they had received two conditional bids for the club.
Joint administrator David Whitehouse stressed that neither bid involved the liquidation of Rangers and the administrators would evaluate both offers before providing a further update.
The other bidder still in the running is from American tow-truck tycoon Bill Miller, who has offered £11.2m for the club's assets to be transferred to a new company.
Mr Miller's bid is conditional on his "newco" club being admitted to the SPL with minimal sanctions imposed.
Mr Whitehouse said the penalties imposed by the SFA's judicial panel on Monday, including a £160,000 fine and a 12-month embargo on registering players, were "unwarranted" and had had a "destabilising effect on the sale process".
He said: "Mr Miller hopes a solution to all regulatory issues can be found and his team has been in constructive discussions with all relevant parties this week.
"This afternoon Brian Kennedy and Paul Murray submitted a bid which is conditional on a CVA being approved by creditors and we will seek guidance from prominent creditors.
"It is also conditional on the acquisition of the shares of Craig Whyte in the football club and we have asked for this and other points in the bid to be clarified.
"What should be clarified is that neither bid involves liquidation of the football club. In terms of quantum, there are significant differences between the two offers in terms of a prospective return to creditors and approach to future funding and these have to be evaluated.
"We will provide a further update as soon as possible."
Mr Whitehouse also said he noted the withdrawal of Ticketus's financial support for the Blue Knights bid.
Ticketus, which struck a £25.3m deal with Mr Whyte for 100,000 Ibrox season tickets, will most likely now become a creditor of the company to the tune of £27m if that agreement is torn up as it does not appear to be part of any takeover bid. The London agency has so far been paid £8m by Rangers for the deal, while it also struck a similar one with Sir David Murray for Ibrox season tickets in 2009.
If Ticketus becomes a creditor of Rangers, it will have the capability to block a CVA as the creditors' pot currently stands at £55m and 75% of those owed money need to vote in favour of any proposal.
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