The sale of Rangers appears to be at an impasse after administrators Duff and Phelps stressed they needed unconditional offers in order to name a preferred bidder.
Having told Sale Sharks owner Brian Kennedy his revised offer was unacceptable, the financial managers warned the other interested parties that clarity was needed on their proposals.
Joint administrator David Whitehouse said: "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."
In an apparent reference to Kennedy's verbal bid, two weeks after the deadline, Whitehouse added: "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."
Areas of uncertainty around Rangers include the rights of majority shareholder Craig Whyte, an outcome on the tribunal over their potential £75million tax bill and Scottish Premier League proposals on financial fair play, the subject of a meeting on April 30.
"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," Whitehouse said. "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."
The failure of Kennedy's second bid left American and Singapore groups as the two definite runners, but Paul Murray's Blue Knights consortium have continued to hold talks with administrators and potential backers Ticketus despite publicly stepping back from the process on Monday.
The continued delay, more than nine weeks after Rangers went into administration and six weeks after players accepted wage cuts of up to 75%, could prove costly in terms of the squad remaining intact.
PFA Scotland chief executive Fraser Wishart said: "If the club remains in administration come June 1, the players revert back to the previous terms of their contracts.
"They took a massive financial hit, in the region of £3million was saved from the wage bill over three months. That buys the administrator time to appoint a preferred bidder, which has not been done. I think frustration is growing among the players about how long it's taking. They just want someone to be appointed as preferred bidder."
Source: PA
