The Blue Knights have told Rangers administrators they cannot afford to make another mistake as attempts continue to find a buyer for the stricken club.
Duff and Phelps were hit with a setback when American tycoon Bill Miller withdrew his offer earlier this week. The Blue Knights, fronted by former Ibrox director Paul Murray and more recently spearheaded by Sale Sharks owner Brian Kennedy, took their own bid off the table on Friday, fearing it is now too late to achieve a successful Company Voluntary Arrangement (CVA) to exit administration.
Kennedy said: "When you have got an institution like this that is at death's door, what is important is deliverability, not just quantum, which is substantial. We cannot afford to make another mistake. Duff and Phelps better have a good, credible bid on the table that doesn't fall over."
Administrators said on Friday night that discussions with two bidding parties were at "a very advanced stage", with one of the groups involved in discussions reported to have links with former Sheffield United chief executive Charles Green.
Kennedy valued their bid at £11million, including £5.5million up front, conditional on a CVA being agreed by creditors. He met with owner Craig Whyte last Sunday, where an agreement was reached over the transfer of his 85% shareholding.
Kennedy said: "I know he has had a lot of bad press but he wants Rangers to survive and he agreed to give me his shares."
Kennedy says he even approached trucking tycoon Miller - who favoured a newco route - about joining forces with the Blue Knights, adding: "I told him if he didn't want to do a CVA on his own, to come in with us. We will all chip in together.
"He wasn't interested. He wanted to go forward on a newco basis. I knew it didn't work, Paul knew it didn't work. They found out it didn't work a week into the bid."
The Blue Knights' plan involved former Ibrox bosses Walter Smith and Graeme Souness working alongside manager Ally McCoist as part of a football board.
David Whitehouse, joint administrator, said in a statement on Friday night: "The most important information for Rangers supporters is that discussions with two bidding parties are at a very advanced stage and we hope to reach agreement with one at the earliest opportunity."
Source: PA
