The Blue Knights consortium has claimed it has submitted a "revised bid" for crisis-hit Rangers.
On Monday, Sale Sharks Rugby Union Club owner Brian Kennedy said that the new offer came after discussions had been held with administrators Duff and Phelps over the weekend.
The group submitted a conditional bid for Rangers on Friday with caveats including that owner Craig Whyte must agree to sell his shares to the Blue Knights while the offer was also subject to a company voluntary arrangement (CVA) being agreed at the Ibrox club.
Mr Murray told STV on Friday that their bid was bigger than that of the only other offer on the table, £11.2m for the club’s assets stumped up by American tow-truck business owner Bill Miller.
His offer is subject to the club not facing further disciplinary sanctions from the football authorities for carrying out a newco switch, the most likely outcome of his offer.
However, Duff and Phelps urged the Blue Knights to improve their offer as it only consisted of £5m cash to go into the creditors pot to pay off at least £55m owed under a CVA. Part of the Blue Knights bid would be the writing off of £7m owed to thousands of fans who paid around £1000 each towards the construction of the club deck at Ibrox. However, it is understood the writing off of the bond holders' money was also part of the American bid, on top of the £11.2m cash up front.
On Monday, Mr Kennedy's spokesman refused to be drawn on the figures of money involved in the offer and claimed it had been submitted over the weekend. Duff and Phelps declined to comment on whether it had received an offer or was minded to accept it.
Mr Murray claimed their aim of a CVA exit was still achievable, despite London ticketing agency Ticketus no longer being part of their bid. It confirmed on Friday morning it was withdrawing from involvement in the Blue Knights, before Mr Kennedy got involved.
Ticketus, which struck a £25.3m deal with owner Mr Whyte for around 100,000 future Ibrox season ticket sales until 2015, is owed around £27m according to Duff and Phelps.
The branch of Octopus Investments has already been paid around £8m for the deal, while it had previously reached a similar arrangement for season ticket sales with Rangers in 2009 when Sir David Murray owned the club.
If the agreement with it is breached it will become an unsecured creditor of the club and could have the voting power to reject the a CVA, which Mr Miller has indicated he believed it would do.
More About Focus on Rangers
- Ticketus in move to liquidate ex-Rangers owner Craig Whyte's company
- Rangers chairman Malcolm Murray to contest removal attempt
- Ex-Rangers owner Craig Whyte appeals Ticketus £17.7m court case
- Chairman Malcolm Murray 'loses vote of confidence' at Rangers
- Scottish FA take ex-Rangers owner Craig Whyte to court over fine
- QC appointed to oversee inquiry into Rangers and Craig Whyte links
- Rangers commercial director Imran Ahmad leaves the Ibrox club
